Spending cuts to hit US economy, weaken global economy: Barack Obama
he said.
Obama said for the last several months he has been calling for a balanced approach to deficit reduction that combines some tough spending cuts, and a tax reform agenda that without raising tax rates further could in fact raise sufficient revenues that combined would yield about USD 1.5 trillion in deficit reduction over the next decade.
According to the US President, the good news is that after four years of difficult times, there is steady recovery in the US economy, if not as robust as one would like.
"We've seen over six million jobs created over the last 35 months. Housing is finally beginning to recover. There is reason for optimism as we move forward," he said.
"I think what everybody here is aware of, though, is that we've got a long way to go. Unemployment is still too high. Middle-class families are still feeling enormous stresses and strains.
"What I think everybody is concerned about is the enormous uncertainty in terms of the political framework, the tax framework, the debt framework within which all of you are going to be operating over the next several years," Obama said.
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