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Obama urges action on debt ceiling

By Matthew Daly

Associated Press

LAST UPDATED: 10:29 a.m. HST, Jan 05, 2013

President Barack Obama is hailing a last-minute deal that avoids the so-called 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 today 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 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.



Obama address: www.whitehouse.gov

GOP address: www.youtube.com/HouseConference

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sumoroach wrote:
Obama never compromises it is his way or the highway. He will not stop spending. A president without a budget. He doesn't care about the country. This time call his bluff and don't give in 49 to 1 ratio for raisiing taxes and spending cuts. Still paying off his cronies with tax breaks. Look at the sandy relief bill. 1/3 of it is pork. Taxes the middle class in hidden taxes but raises them without no one knowing it. UFC Tax on cell phones. UFC tax on cable bills, UFC tac on satilite feeds. The gas tax, etc....
on January 5,2013 | 06:10AM
pastormatt wrote:
Obama doesn't understand compromise but rather he plays the media to make it sound like a crisis and rally support behind his ideologies. His focus is to run our debt higher and higher and create a large reliant class upon his government. The fiscal cliff was all tax increases but no cuts whatsoever, should we expect anything else when he has the arrogance of this win behind him?
on January 5,2013 | 08:06AM
entrkn wrote:
The President has been elected twice by most of America and it is his responsibility to follow through on his election platform and promises...
on January 5,2013 | 06:33AM
Pocho wrote:
are you kidding us. You're wanting to lift the debt ceiling? I gotta say this, The Poor less fortunate don't care of how much our Country goes into debt! The middle class will eat it in the end!
on January 5,2013 | 06:43AM
soundofreason wrote:
on January 5,2013 | 06:49AM
jussayin wrote:
As another poster said, Obama holds ultimate responsibility as the President of our country. And yes, he never compromises and instead goes to the media and public to put pressure and take shots at the republicans. I'm not saying the republicans are any better but the President's job is to ensure our country moves forward on solid footing for today and the future. But Obama made a already tense relationship with the republicans worse and we can expect continued rhetoric from those on the hill including Obama as they discuss the debt ceiling. Do we cut government spending? Yes if we care about the future of our country. I hate to see cuts in certain programs but Social Security, Medicaid and Medicare alone now account for 44% of all federal spending. By the way, Obama shouldn't make jokes about Congress on his talk show tours as that doesn't help the situation. Well, another couple of months of more of the same. Hang in there folks.
on January 5,2013 | 07:40AM
Bdpapa wrote:
No, the ceiling should be lowered not raised.
on January 5,2013 | 08:46AM
jussayin wrote:
Agree. However, Obama is already saying he's going to raise the deb ceiling and it's non-negotiable. "Obama repeated that he would not negotiate on the debt ceiling" [reference: yahoo finance].
on January 5,2013 | 09:33AM
serious wrote:
There is a joke going around the internet--if the sanitary sewer in front of your house breaks and it flows into your home--what do you do? get rid of the problem or RAISE THE CEILING??? I would think that even our most liberal D's can figure out we have to cut spending--get people to work--Germany found that unemployment payments kept people from working--look at them now, their economy is booming!!
on January 5,2013 | 09:43AM
HD36 wrote:
Raise the Debt Ceiling so we can pay our bills? That's like telling a credit card company to raise your credit limit so you can spend more. If you borrow more from one card to pay off bills from other cards, the net result is that you owe more money. But, Politicians are masters of Orwellian double speak, and most people think they're acting fiscally responsible. Raising the debt limit is telling the US Creditors, we will print money to pay you off. We can't balance this deficit because we refuse to cut spending. The only way the government will ever be restrained from spending is when we have a crises because the world does not want to lend anymore money and might even start cashing in their bonds. Why would any sane country send goods, which took material and labor to make, over here, in return for promises of dollars in the future, that are rapidly depreciating because we print more of them to pay old bonds? Luckily, the world was focused on Europe's problems the last few years making the dollar stronger relative to the Euro, and Japan is following the US lead. Japanese citizens may have to start cashing in their bonds as they see inflation soaring in their own country, prohibiting Japan, the second largest holder of US Treasuries from buying more bonds.
on January 5,2013 | 08:46AM
jussayin wrote:
Well said. I hope Obama gets it although as recent as yesterday he's saying the debt ceiling needs to be raised.
on January 5,2013 | 09:34AM
entrkn wrote:
It is unacceptable that a small hand full of Congressmen from a small number of states are trying to dictate to the rest of the world...
on January 5,2013 | 10:21AM
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