Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Germany defeat Argentina 1-0 to win World Cup

    Read more

  • Thousands flee northern Gaza after Israel warning

    Read more

  • Clashes erupt in Paris as thousands march to support Palestinians

    Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Paris’s Bastille Day fireworks ‘a homage to victims’ of WWI

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Legendary conductor Lorin Maazel dies aged 84

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

Americas

Obama vows to halve the budget deficit

©

Latest update : 2009-02-24

US President Barack Obama (right) has pledged to cut the country's budget deficit by half in the next four years. Vice President Joe Biden is in charge of overseeing the implementation of the $787 billion stimulus package that Obama signed into law.

REUTERS - President Barack Obama pledged on Monday to cut the ballooning U.S. budget deficit by half in the next four years and said the economy would face another crisis if the country's debt problems were not addressed.

 

Obama, whose month-old administration has pushed through a $787 billion economic stimulus package to jolt the country out of recession, said the need for immediate spending did not mean U.S. budget problems could be put off.

 

"If we confront this crisis without also confronting the deficits that helped cause it, we risk sinking into another crisis down the road," Obama told participants at the opening of a White House summit on "fiscal responsibility."

 

Vice President Joe Biden underscored Obama's push to boost the country's fiscal position, saying the economic crisis should not overshadow necessary fiscal changes.

 

"We want to be clear: as we take the steps that we must to get through the crisis that we're in now, we will not lose sight of the long-term," Biden told the same gathering.

 

"We will not lose sight of the need to tackle unmet needs for health care reform, to deal with the energy policy that we need and so many other challenges that are going to determine what the 21st century looks like," Biden said.

 

Although his administration has focused its energies almost entirely on pulling the United States out of recession and addressing the financial sector problems that sparked it, Obama also wants to make good on campaign promises such as extending health care benefits to uninsured Americans and fighting climate change.

 

His budget director, Peter Orszag, said reducing healthcare costs was critical to assuaging U.S. economic ills.

 

"The single most important thing we can do to put the nation back on a sustainable (fiscal) course is slow healthcare costs," he said.

 

Obama invited lawmakers from both parties, business people, union leaders and budget experts to Monday's fiscal summit to discuss ways to deal with long-term issues such as health care, entitlement programs and federal contracting in areas like defense.

 

Prominent Republicans including House of Representatives Minority Leader John Boehner and Arizona Senator John McCain, Obama's rival in last year's presidential campaign, had said through their aides that they would attend.

 

Boehner and other Republicans have offered scathing criticisms of the stimulus bill, labeling the spending proposals wasteful and warning that it would bloat the debt.

 

 

Date created : 2009-02-23

Comments

COMMENT(S)