News / USA

Obama Pledges to Control Budget Deficits

U.S. President Barack Obama says the Senate has helped to control the deficit, by restoring the pay-as-you-go law which was in place in the 1990's.

US President Barack Obama delivers the weekly speech, 30 Jan 2010
US President Barack Obama delivers the weekly speech, 30 Jan 2010
Kent Klein

U.S. President Barack Obama says he is working to bring the government's budget deficit under control.  The president says the Senate has taken a good step in that direction.

President Obama says when it comes to making a budget, government needs to follow the same principles families follow.

"They accept that they cannot get everything they want and focus on what they really need," he said.  "They make tough decisions and sacrifice for their kids.  They do not spend what they do not have, and they make do with what they have got.  It is time their government did the same."

In his weekly radio and Internet address, Mr. Obama says the U.S. Senate has helped to control the deficit, by restoring the pay-as-you-go law which was in place in the 1990's.

"It is no coincidence that we ended that decade with a $236 billion surplus," he said. "But then we did away with PAYGO, and we ended the next decade with a $1.3 trillion deficit.  Reinstating this law will help get us back on track, ensuring that every time we spend, we find somewhere else to cut."

The president says another way to rein in the deficit is his proposed three-year freeze on some of the government's domestic spending.

"I have also proposed a spending freeze, so that as we increase investments in things we need, like job creation and middle class tax cuts, we cut spending on those we do not, like tax cuts for oil companies and investment fund managers, and programs that are redundant, obsolete or simply ineffective," he said.

The president also wants to form a fiscal commission, a panel of Republicans and Democrats who would work together to find ways to reduce the deficit.

"Because we have heard plenty of talk and a lot of yelling on TV about deficits, and it is now time to come together and make the painful choices we need to eliminate those deficits," he said.

Mr. Obama says 53 senators, from both parties, voted in the past week to create such a commission, but fell seven votes short of passage.  He says seven Republicans who originally sponsored the measure backed out for political reasons. 

The president is also emphasizing his efforts to revitalize the economy and to bring down the ten percent U.S. unemployment rate. 

You May Like

Sydney Hostage-taker Failed to Manipulate Social Media

Gunman forced captives to use personal Facebook, YouTube accounts to issue his demands; online community helped flag messages, urged others not to share them More

UN Seeks $8.4 Billion to Help War-Hit Syrians

Effort aimed at helping Syrians displaced within their own country and those who've fled to neighboring ones More

Who Are the Pakistani Taliban?

It's an umbrella group of militant organizations whose objective is enforcement of Sharia in Pakistan 'whether through peace or war' 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.
Putin: Russian Economy to Rebound in 2 Yearsi
X
December 18, 2014 5:13 PM
Russian President Vladimir Putin held his annual end-of-the-year news conference Thursday, tackling questions on the Russian economy, the crisis in Ukraine and Russian relations with the west. VOA's Jeff Custer reports.
Video

Video Putin: Russian Economy to Rebound in 2 Years

Russian President Vladimir Putin held his annual end-of-the-year news conference Thursday, tackling questions on the Russian economy, the crisis in Ukraine and Russian relations with the west. VOA's Jeff Custer reports.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Detained Turkish Journalists Follow Teachings of US-Based Preacher

The Turkish government’s jailing of critical journalists has sparked international condemnation and is being seen as an effort to undermine the followers of an ailing Turkish preacher based in the United States. VOA religion reporter Jerome Socolovsky has more.
Video

Video Will Pakistan School Shooting Galvanize Pakistan Against Extremism?

The attack on a military school in Pakistan’s northwest city of Peshawar left 141 dead, including 132 children. Strong statements of condemnation poured in from across the world. The country announced three days of mourning, and the leadership, both political and military, promised retribution. VOA's Ayesha Tanzeem looks at how likely the Pakistani government is to clamp down on all extremist groups.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video Turkey's Authoritarianism Dismays Western Allies

The Turkish government has been defiant in the face of criticism at home and abroad for its raids targeting opposition media. The European Union on Monday expressed dismay after President Recep Tayyip Erdogan lashed out at Brussels for criticizing his government's action. Turkey's bid to be considered for EU membership has been on hold while critics accuse the NATO ally of increasingly authoritarian rule. Zlatica Hoke reports.

All About America

AppleAndroid