Obama urges Congress to balance spending cuts, tax reform
Updated: 2013-02-10 00:23
(Xinhua)
|
||||||||
WASHINGTON - US President Barack Obama pressed Congress on Saturday to find a balanced mix of spending cuts and tax reform, as they negotiated ways to cut deficit.
In a weekly radio and Internet address, Obama said a balanced, comprehensive way referred to making sensible changes to entitlement programs and reforming tax code.
If US lawmakers fail to hash out a budget deal by March 1, a series of automatic cuts to investment and defense spending will take effect. It would be a huge blow to the US economy as a whole. Economists estimated it may translate into a 0.6 percentage point drag on US economic growth, widely expected at around 2 percent this year.
Obama said he acknowledged the budget process took time and suggested Congressmen moving forward with a short-term deal as they had done at the beginning of this year until they can find a longer-term solution.
- Li Na on Time cover, makes influential 100 list
- FBI releases photos of 2 Boston bombings suspects
- World's wackiest hairstyles
- Sandstorms strike Northwest China
- Never-seen photos of Madonna on display
- H7N9 outbreak linked to waterfowl migration
- Dozens feared dead in Texas plant blast
- Venezuelan court rules out manual votes counting
Most Viewed
Editor's Picks
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
TCM - Keeping healthy in Chinese way |
Poultry industry under pressure |
Today's Top News
Live report: 7.0-magnitude quake hits Sichuan, heavy casualties feared
Boston suspect cornered on boat
Cross-talk artist helps to spread the word
'Green' awareness levels drop in Beijing
Palace Museum spruces up
First couple on Time's list of most influential
H7N9 flu transmission studied
Trading channels 'need to broaden'
US Weekly
Beyond Yao
|
Money power |