Unreal… Obama Warns That Spending Cuts Will Hurt Economy
Obama warned today that spending cuts could hurt the economy.
This was after he increased the national debt by $4 trillion or 28% in two years.
President Barack Obama warned on Tuesday that immediate, deep budget cuts could hurt the fragile economic recovery, but Republicans pressed to slash spending and brushed off concerns about potential job losses.
Republicans lambasted Obama’s budget for 2012 released this week and demanded cuts now in areas such as education and space exploration. Obama — who promises $1.1 trillion in deficit reduction over 10 years — still wants to invest in areas such as high speed rail and energy efficiency to boost U.S. competitiveness.
The debate is moving toward a standoff. Republicans aim to pass legislation in the House of Representatives by week’s end to cut this year’s spending by at least 14 percent, or $61 billion. The White House says Obama would veto such a bill.
“I think it is important to make sure that we don’t try to make a series of symbolic cuts this year that could endanger the recovery,” he told a news conference.
“We’ve got to be careful … Let’s use a scalpel; let’s not use a machete,” he said.