Obama urges action on debt ceiling

Associated Press file photo

President Barack Obama

HONOLULU — President Barack Obama is hailing a last-minute deal that avoids the fiscal cliff but says it's just one step in a broader effort to boost the economy and shrink federal deficits.

Obama said in his radio and Internet address Saturday that the new law — approved by Congress on New Year's Day and signed Thursday — raises taxes on the wealthiest Americans while preventing a middle-class tax hike that could have thrown the economy back into recession.

With the fiscal cliff crisis barely over, Obama faces new battles in Congress over raising the country's $16.4 trillion borrowing limit, as well as more than $100 billion in automatic spending cuts for the military and domestic programs which were delayed by two months under the fiscal cliff compromise.

Lawmakers promise to replace those across-the-board cuts with more targeted steps that could take longer to implement.

Obama — speaking from Hawaii, where he is on vacation with his family — said he is willing to consider more spending cuts and tax increases to reduce the deficit.

But he said he "will not compromise" over his insistence that Congress lift the federal debt ceiling. The nation's credit rating was downgraded the last time lawmakers threatened inaction on the debt ceiling, in 2011.

"Our families and our businesses cannot afford that dangerous game again," Obama said.

If elected officials from both parties "focus on the interests of our country above the interests of party, I'm convinced we can cut spending and raise revenue in a manner that reduces our deficit and protects the middle class," Obama said.

In the Republican address, Rep. Dave Camp of Michigan said that as attention again turns to the debt limit, "we must identify responsible ways to tackle Washington's wasteful spending."

Americans know that "when you have no more money in your account and your credit cards are maxed out, then the spending must stop," Camp said.

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Steve  Dosh's picture

Obama urges action on debt ceiling

all 13.01.07 14:30 ? hst •
Inaction is a choice , Republicans
" Don;t just do something, sit there ." And you can quote me on that :) /s , Dr. Dosh

RAYMOND FRECHETTE's picture

How long can we afford to

How long can we afford to raise the debt limit? It is time to stem the flow of red ink. Do we really need (and can we afford) all the foreign aid we give? Can we afford the luxury of protecting foreign lands by maintaining our military bases overseas while we close those in this country? How much longer can we afford giving luxuries to those on welfare such as cell phones? How long can we afford to spend the money we do on politicians, from their pensions to their medical care to the unlimited use of Airforce 1 by the President? If he wants to go on vacation let him pay his own way to Hawaii or at least have courtesy to vacation closer to Washington. There is a lot of waste in this country that needs to be stopped before the country drowns in red ink.

Steve  Dosh's picture

Ray ? 13.01.07 14:30 He

Ray ? 13.01.07 14:30
He earned his vacation fair and square as the Chief Executive Officeer of this very United States of America . No t on ly that but he is married to a very intelligent Summa Cum Laude graduate of Princeton University , NJ , and his kids , Sasha and Melia , are cute as buttons
What do you know about red ink , again ?
Anything ? Got kids ? We do • We won and we wil continue winning
/s Steve http://occupybangor.org/
~ Happy Year of the Snake , y'all ~

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