Friday, April 22, 2011

US fiscal situation unsustainable: Obama



US President Barack Obama speaks at a campaign-style town hall meeting at the headquarters of Facebook in Palo Alto, California

Source: Press TV
http://www.presstv.ir/detail/176083.html

US President Barack Obama says his country faces "unsustainable" financial situation amid concerns over Washington's failure to tackle the national debt and budget deficit.

Obama, who has kicked off his 2012 re-election campaign, made the remark during a meeting at Facebook headquarters in Palo Alto, California, where he struggled to convince the audience that his deficit reduction plan can solve the financial woes of Americans, Bloomberg reported on Thursday.

"We have an unsustainable situation," said Obama, adding that "We face a critical time where we are going to have to make some decisions -- how do we bring down the debt in the short term, and how do we bring down the debt over the long term?”

On April 13, Obama unveiled a wide-ranging deficit reduction plan aimed at slashing the country's budget shortfall by $4 trillion within 12 years by curbing domestic spending and reducing excess health care expenditures.

This is while the White House and House Republicans have offered separate plans to reduce cumulative budget deficits by $4 trillion, over 12 years and 10 years respectively.

The US budget shortage hit a record $1.65 trillion this year --10.9 percent of GDP -- according to figures in Obama's 2012 budget.

US Standard & Poor's rating agency said last week that the agency's attitude toward America's overall economic condition has changed from "stable" to "negative," mainly due to lawmakers' inability to reach a consensus over the budget crisis.

According to a recent poll by American Research Group, 53 percent of Americans disapprove of Obama's performance, up from 47 percent in March. This is while 42 percent of respondents stated that they approve of Obama's job performance.

No comments:

Post a Comment

I'll be right with you.

Russia Today (Live)

World News 2017

Current Affairs - Important Interviews – 2017

Debate – Global Issues 2017

Important Information 2016 - 2017

South Front Military Review 2017

Syria - News 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

US News 2017

Iran News 2016 - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

The Words and Actions of Ken O'Keefe

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)