News / USA

Washington Week: Focus on Economic, Fiscal Matters

Washington Week: Focus on Economic, Fiscal Matters

x
Washington Week: Focus on Economic, Fiscal Mattersi
X
April 07, 2013 7:09 PM
Later this week, President Barack Obama will unveil his vision for U.S. government spending and taxation. VOA’s Michael Bowman reports, the focus on the nation’s fiscal future comes amid renewed concerns about sluggish job creation that could foreshadow a weakening of America’s fragile economic recovery.

Washington Week: Focus on Economic, Fiscal Matters

Michael Bowman
Later this week, President Barack Obama will unveil his vision for U.S. government spending and taxation. The focus on the nation’s fiscal future comes amid renewed concerns about sluggish job creation that could foreshadow a weakening of America’s fragile economic recovery.
 
President Obama wants to shrink the deficit and promote economic growth.
 
“For years, an argument in Washington has raged between reducing our deficits at all costs, and making the investments we need to grow the economy. My budget puts that argument to rest. Because we do not have to choose between these goals - we can do both.”
 
Obama says his budget will curb spending and cut corporate tax breaks - while boosting funding for infrastructure and education.
 
Republicans have already rejected the proposal. House Speaker John Boehner says the president’s budget “never balances.”  Former Republican Senator Sam Brownback, now governor of the state of Kansas, says the private sector holds the key to better economic and fiscal health.
 
“Our Republican message is a belief in the power of people rather than the control of government. This unleashes the creativity of entrepreneurs and the strength of hope and dreams.”
 
The budget battle comes one month after the start of automatic federal spending cuts, known as the sequester, that may have contributed to a weakening labor market. The U.S. economy created fewer than 100,000 jobs last month. White House economist Alan Krueger predicts a tough road ahead. 
 
“We have heard from some companies that the sequester is affecting their hiring decisions. Obviously, government spending has been cut as a result of the sequester.  So going forward that is going to be a weight on the economy.”
 
Republicans accuse the White House of overstating the sequester’s impact.
 
The U.S. deficit is projected at $900 billion this year, down slightly from previous years.  In Congress, the Republican-controlled House and the Democrat-controlled Senate have passed competing budget bills, neither of which is likely to be adopted by the other chamber.

Absent bipartisan compromise, a so-called "grand bargain," the sequester will remain in effect and the deficit will stay at levels considered unsustainable by most economists.

You May Like

Ebola Death Toll Nears 5,000 as Virus Advances

West Africa bears heaviest burden; Mali toddler’s death raises new fears More

Jordan’s Battle With Islamic State Militants Carries Domestic Risks

Despite Western concerns that IS militants are preparing a Jordanian offensive, analysts call the kingdom's solid intel a strong deterrent More

Asian-Americans Assume Office in Record Numbers

Steadily deepening engagement in local politics pays off for politicians like Chinese-American Judy Chu More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Talks to Resume on Winter Gas for Ukrainei
X
Al Pessin
October 25, 2014 4:21 PM
Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Talks to Resume on Winter Gas for Ukraine

Ukrainian and Russian officials will meet again next week in an effort to settle their dispute over natural gas supplies that threatens to leave Ukraine short of heating fuel for the coming winter. VOA’s Al Pessin reports from London the dispute is complex, and has both economic and geopolitical dimensions.
Video

Video Smugglers Offer Cheap Passage From Turkey to Syria

Smugglers in Turkey offer a relatively cheap passage across the border into Syria. Ankara has stepped up efforts to stem the flow of foreign fighters who want to join Islamic State militants fighting for control of the Syrian border city of Kobani. But porous borders and border guards who can be bribed make illegal border crossings quite easy. Zlatica Hoke has more.
Video

Video Comanche Chief Quanah Parker’s Century-Old House Falling Apart

One of the most fascinating people in U.S. history was Quanah Parker, the last chief of the American Indian tribe, the Comanche. He was the son of a Comanche warrior and a white woman who had been captured by the Indians. Parker was a fierce warrior until 1875 when he led his people to Fort Sill, Oklahoma, and took on a new, peaceful life. As VOA’s Greg Flakus reports from Cache, Oklahoma, Quanah’s image remains strong among his people, but part of his heritage is in danger of disappearing.
Video

Video China Political Meeting Seeks to Improve Rule of Law

China’s communist leaders will host a top level political meeting this week, called the Fourth Plenum, and for the first time in the party’s history, rule of law will be a key item on the agenda. Analysts and Chinese media reports say the meetings could see the approval of long-awaited measures aimed at giving courts more independence and include steps to enhance an already aggressive and high-reaching anti-corruption drive. VOA’s Bill Ide has more from Beijing.
Video

Video After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But as Mil Arcega reports, it doesn’t mean tax cheats have run out of places to keep their money hidden.
Video

Video Kobani Refugees Welcome, Turkey Criticizes, US Airdrop

Residents of Kobani in northern Syria have welcomed the airdrop of weapons, ammunition and medicine to Kurdish militia who are resisting the seizure of their city by Islamic State militants. The Turkish government, however, has criticized the operation. VOA’s Scott Bobb reports from southeastern Turkey, across the border from Kobani.
Video

Video US ‘Death Cafes’ Put Focus on the Finale

In contemporary America, death usually is a topic to be avoided. But the growing “death café” movement encourages people to discuss their fears and desires about their final moments. VOA’s Jerome Socolovsky reports.
Video

Video Ebola Orphanage Opens in Sierra Leone

Sierra Leone's first Ebola orphanage has opened in the Kailahun district. Hundreds of children orphaned since the beginning of the Ebola outbreak face stigma and rejection with nobody to care for them. Adam Bailes reports for VOA about a new interim care center that's aimed at helping the growing number of children affected by Ebola.

All About America

AppleAndroid