News / USA

Obama, Geithner Optimistic About Deficit Cuts

President Barack Obama rolls up his sleeves during a town hall meeting to discuss reducing the national debt at Northern Virginia Community College in Annandale, Va., April 19, 2011
President Barack Obama rolls up his sleeves during a town hall meeting to discuss reducing the national debt at Northern Virginia Community College in Annandale, Va., April 19, 2011

Multimedia

Kent Klein

President Barack Obama and his treasury secretary are trying to reassure global markets that Democrats and Republicans can agree on a way to cut the long-term U.S. budget deficit. Their ability to do so could affect the government’s credit rating.

President Obama says worries that bickering between Democrats and Republicans will prevent an agreement on a deficit reduction plan are exaggerated.

"Our conflicts and our disagreements tend to get more attention than our agreements," said the president. "The easiest way to be on TV is to call somebody a name. If you say something mean about somebody, that will get you on TV.  If you say something nice about somebody, you figure, ‘Well, that is boring, I am not interested.’"


The president spoke Tuesday at a community college near Washington.  

One day earlier, the Standard and Poor’s credit rating agency warned that the U.S. government could lose its top credit rating during the next two years if progress is not made on slashing the federal budget deficit.

S&P officials are concerned that a continued refusal by both parties to compromise could lead to failure to reduce the U.S. deficit, which is projected at $1.5 trillion this year.

Mr. Obama and Congressional Republicans agree that about $4 trillion must be cut from the deficit during the next 10 to 12 years. But the president says both sides need to give ground on where to cut.

"It is pretty rare when Washington says, ‘This is a problem, everybody agrees on that, and everybody agrees on about how much we need to do to solve the problem.' The big question that is going to have to be resolved is, ‘How do we do it?’" Obama asked.

One reason for optimism, Mr. Obama says, is the work of the so-called "Gang of Six" - a bipartisan group of senators working for a budget compromise.  

The president says their efforts led to the recent budget agreement for the remainder of this fiscal year.

"We had a good start a few weeks ago, when both parties came together around a compromise that cut spending, but also kept the government open and kept vital investments in things that we care about," the president added.

Treasury Secretary Timothy Geithner has also been giving interviews in hopes of calming fears about a budget deadlock. He told Bloomberg News that the eventual agreement will send a positive message to world markets.

"I would be reasonably confident now that we have a chance to lock in what we agree on," Geithner said. "And what we agree on is the importance of putting in place strong targets for savings, for deficit reduction, over a specific time frame with enforceable limits. Because what you want people around the world to know is that Washington is going to back to living within its means."

Vice President Joe Biden will host a meeting with bipartisan congressional leaders on May 5, to start work on a long-term deficit reduction plan.

Economic concerns have pushed down President Obama’s approval ratings. The latest public opinion poll, conducted by ABC News and The Washington Post newspaper, shows that 47 percent of Americans surveyed think the president is doing a good job, while 50 percent say he is not.

You May Like

Americans Celebrate Thanksgiving

Feasts centering on turkeys with an array of traditional sides and desserts are part of the holiday's traditions, which falls on the fourth Thursday in November More

Video For Obama, Ferguson Violence is a Personal Issue

With two years left in term, analysts say, president has less to lose by taking conversation on race further More

Video Italian Espresso Expands Into Space

When Italian astronaut Samantha Cristoforetti headed for the ISS, her countrymen worried how she would survive six months drinking only instant coffee More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Community Kicks Off Thanksgiving With Paradei
X
Anush Avetisyan
November 26, 2014 10:57 PM
Thursday is Thanksgiving in the United States, a holiday whose roots go back to the country's earliest days as a British colony. One way Americans celebrate the occasion is with parades. Anush Avetisyan takes us to one such event on the day before Thanksgiving near Washington, where a community's diversity is on display. Joy Wagner narrates
Video

Video US Community Kicks Off Thanksgiving With Parade

Thursday is Thanksgiving in the United States, a holiday whose roots go back to the country's earliest days as a British colony. One way Americans celebrate the occasion is with parades. Anush Avetisyan takes us to one such event on the day before Thanksgiving near Washington, where a community's diversity is on display. Joy Wagner narrates
Video

Video For Obama, Ferguson Violence is a Personal Issue

Throughout the crisis in Ferguson, Missouri, President Barack Obama has urged calm, restraint and respect for the rule of law. But the events in Ferguson have prompted him to call — more openly than he has before — for profound changes to end the racism and distrust that he believes still exists between whites and blacks in the United States. VOA White House correspondent Luis Ramirez reports.
Video

Video Online Magazine Gets Kids Discussing Big Questions

Teen culture in America is often criticized for being superficial. But an online magazine has been encouraging some teenagers to explore deeper issues, and rewarding their efforts. VOA religion reporter Jerome Socolovsky went to this year’s Kidspirit awards ceremony in New York.
Video

Video Aung San Suu Kyi: Myanmar Opposition to Keep Pushing for Constitutional Change

Myanmar opposition leader Aung San Suu Kyi says she and her supporters will continue pushing to amend a constitutional clause that bars her from running for president next year. VOA's Than Lwin Htun reports from the capital Naypyitaw in this report narrated by Colin Lovett.
Video

Video Mali Attempts to Shut Down Ebola Transmission Chain

Senegal and Nigeria were able to stop small Ebola outbreaks by closely monitoring those who had contact with the sick person and quickly isolating anyone with symptoms. Mali is now scrambling to do the same. VOA’s Anne Look reports from Mali on what the country is doing to shut down the chain of transmission.
Video

Video Ukraine Marks Anniversary of Deadly 1930s Famine

During a commemoration for millions who died of starvation in Ukraine in the early 1930s, President Petro Poroshenko lashed out at Soviet-era totalitarianism for causing the deaths and accused today’s Russian-backed rebels in the east of using similar tactics. VOA’s Daniel Shearf reports from Kyiv.
Video

Video Hong Kong Protests at a Crossroads

New public opinion polls in Hong Kong indicate declining support for pro-democracy demonstrations after weeks of street protests. VOA’s Bill Ide in Guangzhou and Pros Laput in Hong Kong spoke with protesters and observers about whether demonstrators have been too aggressive in pushing for change.
Video

Video US Immigration Relief Imminent for Mixed-Status Families

Tens of thousands of undocumented immigrants in the Washington, D.C., area may benefit from a controversial presidential order announced this week. It's not a path to citizenship, as some activists hoped. But it will allow more immigrants who arrived as children or who have citizen children, to avoid deportation and work legally. VOA's Victoria Macchi talks with one young man who benefited from an earlier presidential order, and whose parents may now benefit after years of living in fear.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.

All About America

AppleAndroid