WASHINGTON (Reuters) - President Barack Obama on Monday said the United States was facing an "untenable fiscal situation" and would have to get serious about tackling its federal deficit.
The U.S. budget deficit is forecast at a record $1.47 trillion in the fiscal year that ended on September 30, 2010.
Obama said that emergency government spending measures he took to support growth and hiring when he took office last year had temporarily added to the funding gap, but the deficit had to be tackled going forward.
"I realize that we are facing an untenable fiscal situation," he told a meeting of his economic recovery advisory board to discuss strengthening the partnership between community colleges and the private sector. "What I won't do is cut back on investments like education."
Obama's Democrats, who face punishment in upcoming November 2 congressional midterm elections from voters worried about the country's high deficit, argue their Republican Party rivals would cut spending on education.
(Reporting by Matt Spetalnick and Alister Bull; Editing by Eric Beech)
700 Billion a year will be collected IF they let the Bush Tax Cuts die for the richest 2%. Btw...everyone blames Obama for TARP..>TARP was signed by GWB, not Obama..TARP is an instrument of the GOP. deal with it.
Are some of you Republicans really stupid enough to believe that your party and their policies had nothing to do with the deficit problem. Do yourself a favor and check the deficit levels when Bush took office compared to when he left. Tough talk is never the andidote for ignorance.
what can you expect from a camel turd that has never had a real job, and has a administration that is in the same shape, time to clean house starting in house and the senate,
Obamas DISMAL Record speaks for it self, What he promised you VS what you got.
1- He promised you TRNSPARENCY= you got sealed documents, refusal to release records,stonewallin, 3AM votes.
2- He promised you a stronger America= You got him apologizing for America, under cutting America, bowing before potentates, Apology Tours .(( Kennedy gave us Apollo, Obama has given OUR Apology.))
3- Obama promised you new respect for America = you got his DENIAL of the hard_won American Cold War Victory (July 2009)
4-Obama promised you line by line scrutiny of spending = you got blank_chek pass through.
5- Obama promised you NO lobbyist in his administration = you have gotten SCADS of them.
6- Obama promised you 4,000,000 new jobs= you got 10% unemployment.
7- Obama promised you government that listens to you =You got snake-oil sales meetings peddling Nostrums and hypocrisy: your righteous outrage and free-speech protests dismissed as "organized" (( by Mr. Community Organizer!! ))
8-Obama promised you straight dialogue = You got an army of recruited internet spam artists, spewing propaganda everywhere.
9-Obama promised you straight talk and no new taxes for the middle class = You got him playing "that depends on what your definition of tax is" word games and objecting to the use of dictionaries (Stephanopoulos interview 9/20/2009).
10= Obama promised you "free health care for everybody"= You are getting a nightmare Trillion$$ government takeover of our entire health care system.
11= Obama promised you "NO New Taxes" (except for the "rich") =You got a good lesson in just exactly what a "Stupid Tax" is.
12=Obama promised you transparency = You got the Great Obfuscator, Robert Gibbs, as White House Press Secretary, gushing gibberish.
13= Obama promised you (Clinton debate, 1/31/2008) "That's what I will do in bringing all parties together, not negotiating behind closed doors, but bringing all parties together, and broadcasting those negotiations on C-SPAN so that the American people can see what the choices are" = You got, well, you KNOW what you've gotten, and now (12/30/2009) C-SPAN petitioning (unsuccessfully) for access for the American people .... and now Obama negotiating with Union Leaders behind closed doors and handing them (1/15/2010) a sweetheart exemption from the punitive 40% tax on "Cadillac" healthcare plans which everyone else will be forced to pay
THE LIST CAN GO ON & ON & ON & ON & ON
The goal of the Federal Reserve, a privately owned corporation who controls the US dollar, is to bankrupt the country and create a new currency free of the constitution. Bush Sr. was the first openly "New World Order" President. Clinton followed in his footsteps and Bush Jr and Obama are accelerating the pace dramatically. Don't think that Obama means what he says concerning the deficit. The country will be bankrupted and he has very little to do with it except hastening its arrival through his policies. John Kennedy was the last real Democrat President and Ronald Reagan was the last real Republican President. The Federal Reserve owns the country not the people. The Congress gave away the control of the monetary system with the formation of the Federal Reserve and taxation gave the Federal Reserve complete control. So David Rockefeller and his comrads control the situation. Just spend your money while its still accepted and be aware of the future. Its coming and there's nothing you or I can do about it. Enjoy your freedom while it lasts. If you vote for Communists like the Democrats it will hasten the end of the constitution like whats happening now. If you want a few more years of living relatively free vote for Republicans but either way the future is not good for any of us in the USA.
Physicians paid too much??... what. Some of our most educated and skilled individuals. 25 YO MBAs make more than most physicians who have 10-15 years of education & training.
Want better results from your medical system... try TORT REFORM!!
And yes, I have an MD behind my name
I love how all you people who say "Obama is not responsible for the deficit, it is Bush's fault" conveniently forget that Obama and almost all democrats voted for and in fact encouraged even HIGHER spending than Bush ever wanted. Bush, while profligate, fought the democrats in congress to keep spending down.
The FACT is that Barack Obama never met a spending bill he thought was too big, other than $$ for Iraq. When it comes to domestic spending he is for more, not less, spending. Always was. Always will be. His ideology demands it and he is a prisoner to his ideology.
It should be obvious to all that the spending our federal government is doing will be the ruination of this great country if not brought under control. Unless one wants the economic destruction of the US
then one must leave his partisan blinders behind and support only those who will reduce actual spending.
"Since the dawn of man, there has never been a government that has failed to cease to exist!" Man has tried them all, and all have failed miserably. Soon, there will be a promised intervention. In the meantime, opinions abound because we all have one, steered by our current thoughts and beliefs, none of which will prevent the inevitable.
All those problems were handed to Obama created by past Administrations. He did create this problem the day he took office! Remember tarp was signed by Bush first. About Fannie and Freddie why didn't the Republicans or Bush do anything about it when in 6 of the 8 years they had Republican controlled congress and The presiident!????
Copyright © 2010 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.