Obama says committed to working to cut debt
US President Barack Obama says he remains committed to working with Congress to find a solution to the government's debt problem. But he added, in Saturday's weekly Internet and radio address, that the focus can't only be on spending cuts.
Obama said, "Of course, there's been a real debate about where to invest and where to cut, and I'm committed to working with members of both parties to cut our deficits and debt. But we can't simply cut our way to prosperity. We need to do what's necessary to grow our economy -- create good, middle class jobs -- and make it possible for all Americans to pursue their dreams ... That means giving our kids the best education in the world, so they have the knowledge and skills to succeed in this economy. It means rebuilding our crumbling roads, railways, and runways. And it means investing in the cutting-edge research and technologies that will spur growth in the years ahead -- from clean energy to advanced manufacturing."
Obama says his nation still needs to invest in education, infrastructure, and developing new technologies to grow the American economy. The 14 trillion US dollar debt ceiling must be increased before August 2nd, or the Treasury Department will run out of money to pay the country's bills. Defaulting on debt payments could send markets plunging around the world, and raise the risk of another US recession.
solution to the government's debt problem.
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