Republicans, Democrats need to work together on deficit problem

Washington, July 16, 2011 (PTI)



U.S. President Barack Obama on Saturday urged both the Republican and Democratic leaders to work together to find a balanced approach for solving the nation's fiscal deficit problem.



In his weekly address to the nation, Mr. Obama emphasised the importance of compromise and shared sacrifice so that U.S. overcomes its fiscal challenges and move forward.



"To get our fiscal house in order, we must cut spending, but we must also close tax loopholes for special interests and ask the wealthiest Americans to pay their fair share."



"Through cooperation and a bipartisan approach, we can get our economy on firmer ground and give our businesses the confidence they need to create more jobs across the United States," Mr. Obama said.



"For a decade, America has been spending more money than we've taken in. For several decades, our debt has been rising. And let's be honest -- neither party in this town is blameless. Both have talked this problem to death without doing enough about it. That's what drives people nuts about Washington," he said in his weekly address to the nation.



"Too often, it's a place more concerned with playing politics and serving special interests than resolving real problems or focusing on what you're facing in your own lives.



But right now, we have a responsibility -- and an opportunity -- to reduce our deficit as much as possible and solve this problem in a real and comprehensive way," he said.



"Simply put, it will take a balanced approach, shared sacrifice, and a willingness to make unpopular choices on all our parts. That means spending less on domestic programmes.



It means spending less on defence programmes. It means reforming programs like Medicare to reduce costs and strengthen the program for future generations. And it means taking on the tax code, and cutting out certain tax breaks and deductions for the wealthiest Americans," he argued.



Mr. Obama said he is willing to compromise.



"I'm willing to do what it takes to solve this problem, even if it's not politically popular. And I expect leaders in Congress to show that same willingness to compromise," he said.



"The truth is, you can't solve our deficit without cutting spending. But you also can't solve it without asking the wealthiest Americans to pay their fair share -- or without taking on loopholes that give special interests and big corporations tax breaks that middle-class Americans don't get," he said.



"It's pretty simple. I don't think oil companies should keep getting special tax breaks when they're making tens of billions in profits.



I don't think hedge fund managers should pay taxes at a lower rate than their secretaries.



I don't think it's fair to ask nothing of someone like me when the average family has seen their income decline over the past decade -- and when many of you are just trying to stretch every dollar as far it it'll go," he noted.



"We shouldn't put the burden of deficit reduction on the backs of folks who've already borne the brunt of the recession.



It's not reasonable and it's not right," he said.


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