Spending cuts to hit US economy, weaken global economy: Barack Obama

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Spending cuts to hit US economy, weaken global economy: Barack Obama. (Reuters) Spending cuts to hit US economy, weaken global economy: Barack Obama. (Reuters)
SummaryThe worst part of it is it's entirely unnecessary. It's not what we should be doing," he added.

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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