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Obama: Time for ‘painful choices’ in deficit battle

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US President Barack Obama on Saturday promised to rein the burgeoning US budget deficit, saying it was now time for Americans of different political persuasions “to come together” to solve this problem.

“Because we’ve heard plenty of talk and a lot of yelling on TV about deficits, and it’s now time to come together and make the painful choices we need to eliminate those deficits,” Obama said in his weekly radio address.

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The White House is forecasting a deficit for the full fiscal year of 2010 of some 1.5 trillion dollars, which would eclipse the record of 1.416 trillion in the fiscal year ended September 30.

John Palmer, dean emeritus of the Syracuse University Maxwell School, warned earlier this month that the future economic prosperity of the United States was “at grave risk” if the government did not change its fiscal course.

Obama said that it was time the US government stopped spending money it did not have.

He added he was pleased that the Senate had just restored the pay-as-you-go law that was in place in the 1990s and helped the US government end that decade with a 236-billion-dollar surplus.

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“Reinstating this law will help get us back on track, ensuring that every time we spend, we find somewhere else to cut,” the president argued.

He also said that he wanted the government to impose a freeze on many discretionary spending programs that do not affect job creation, middle class tax cuts as well as Medicare, Medicaid, and Social Security — programs that serve retirees and poor people.

The president also stressed the need to create a bi-partisan fiscal commission – a panel of Democrats and Republicans who would sit down and hammer out concrete deficit-reduction proposals.

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“I’m ready and eager to work with anyone who’s serious about solving the real problems facing our people and our country,” Obama concluded. “I welcome anyone who comes to the table in good faith to help get our economy moving again and fulfill this country’s promise.”

This video was published to the Web by the White House on Saturday, Jan. 30, 2010.

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With AFP.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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White House spokesperson ridiculed for ‘pathetic’ spin on Trump’s trade war admission: ‘Does she think we believe that?’

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Hours after Donald Trump blithely admitted that he had "second thoughts" about his trade war with China that has damaged the U.S. economy and helped set the stage for a possible recession, White House spokesperson Stephanie Grisham was forced to issue a clarification about the president's comments.

Addressing Trump's G7 response about his tariffs, widely interpreted by the press as expressing some regret, Grisham issued a statement saying the president meant that he wished he had increased his market-destroying tariffs even more.

"The President was asked if he had ‘any second thought on escalating the trade war with China,'" White House press secretary Stephanie Grisham relayed. "His answer has been greatly misinterpreted. President Trump responded in the affirmative - because he regrets not raising the tariffs higher."

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Here is why Trump is obsessed with Greenland

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They say that history repeats itself, first as tragedy, then as farce. Remember that President Harry Truman tried to purchase Greenland in 1946; now, in 2019, President Donald Trump is trying to do the same thing.

This article first appeared in Salon.

To be clear, Trump’s farcical, “absurd” idea — to borrow the adjective used by Danish Prime Minister Mette Frederiksen — is not happening, and was never going to happen. As Frederiksen pointed out, Greenland is “not for sale." Trump, for his part, has not backed down from the idea.

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2020 Election

Iowa’s Steve King facing ouster because his campaign is broke and his allies have fled: report

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Iowa Republican Steve King is facing losing his seat representing his district in the U.S. House of Representatives as his campaign finds itself broke and the Republican Party has turned its back on him after his latest round of controversial comments.

According to a report from the Daily Beast, his campaign is struggling to bring donors -- who once wholeheartedly supported him --back into the fold.

Even worse, his colleagues in Congress have also abandoned him.

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