Obama wants action on government's borrowing limit
HONOLULU (AP) - President Barack Obama is hailing a last-minute deal that pulled the country back from the "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 Saturday 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 increase that could have thrown the economy back into recession.
With one crisis for the short term, 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 said in his radio and Internet address Saturday 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 increase that could have thrown the economy back into recession.
With one crisis for the short term, 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.
Just make trillion dollar coins, which is legal, and pay oft the debt. I didn't come up with this, the left did.
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http://www.theatlanticwire.com/politics/2013/01/why-everyone-talking-about-platinum-1-trillion-coin/60583/
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This shows just how little the left understands economics and why we are doomed.
We would like $4.00 in cuts for every $1.00 in spending increases. And no more of this BS of saying that the money that's no longer spent on wars that have been over can be considered a "cut".
The answer is NO...... not until there are some significant and real cuts effective NOW.
"Our families and our businesses cannot afford that dangerous game again," Obama said. What we can't afford is this guy's ideology. I know Obama could care less about the citizens, but we citizens were paying an average of $1.87 per gallon of gas the day  Bush left office. Now it's more like $3.00+ per gallon. Thanks Obama. And your voters.
The guy sure loves to borrow, doesn't he? Probably because he's never bought anything with cash in his whole life. It's all part of the revolution folks. Bankrupt the country and destroy the currency !
Well, you know, this kinds of reminds me, When termites invade a house, there is little known until the damage shows its self by then it is to late. We need to rid of our selves the termites plaguing the house it is time fro a (Figuratively speaking) extermination of the pests before further damage is done. I am not advocating ciolence I am advocating htat the damn Yankee get off there Arses and do something.
 @lee986321 Why do you think they want to ban guns? Historically the only way to completely control a population is to disarm them. They can't have the people in armed revolt against them.Â
When Obama's 8 years are done this country will be so far in debt we'll soon be flying the Chinese flag.Â
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Wish I could call my credit card company and tell them that I just want to keep spending and spending and have no interest in paying a dime of it back.Â
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But I'm sure the Obamanoids will still be blaming Bush.
Bronco Bamma is NOT at all interested in reducing the growth of spending when one looks at his actions as opposed to his meaningless words.
And since B HO has his yes man stooge in the senate, this ensures there will be NO meaningful reduction in the growth of federal spending for the next two  years minimum and most likely four.
The only way I see spending coming down is if China refuses to buy any more of our debt and/or a serious reduction in our credit rating.
I've read where America already has a higher debt per citizen than Greece and if B HO doesn't want to be person at the helm when we sail into bankruptcy, he really needs to changes his ways......... but sadly I don't see that happening.
Wasteful spending will continue as will the increase of the national debt. While the politicians can make the tough choices to reduce spending and cut the national debt there is not enough politicians with a spine to make that happen.
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Because of that we are doomed.