U.S. President Barack Obama on Monday urged lawmakers to adopt smart government spending cuts to reduce economic uncertainty and bolster economic growth. The uncertainty caused by the government spending cuts is already having an effect on U.S. economy, Obama said in his remarks to the National Governors Association at the White House. \"As leaders, we share responsibility to do whatever we can to help grow our economy and create good middle-class jobs,\" Obama told the governors. \"Unfortunately, in just four days, Congress is poised to allow a series of arbitrary, automatic budget cuts to kick in that will slow our economy, eliminate good jobs, and leave a lot of folks who are already pretty thinly stretched scrambling to figure out what to do,\" Obama said. Roughly 85 billion U.S. dollars of spending cuts were set to hit various governmental departments this year starting on March 1, as agreed by Democrats and Republicans in January to avoid the so- called \"fiscal cliff.\" Thousands of teachers and educators will be laid off in different states. Tens of thousands of parents will have to deal with finding child care for their children. Hundreds of thousands of Americans will lose access to healthcare services like flu vaccinations and cancer screenings, he noted. The nation should reduce the deficit by making some tough, smart spending cuts and getting rid of wasteful tax loopholes that benefit the well-off and the well-connected, Obama said. With little momentum from GOP lawmakers to avert the massive spending cuts, the White House has highlighted the effect of government spending cuts to local economies to set up Republicans for blame if the government outlays cuts are to kick in.
GMT 09:43 2018 Tuesday ,23 January
Global unemployment down but working poverty rampantGMT 15:13 2018 Sunday ,21 January
All you need to know about Davos 2018GMT 22:33 2018 Saturday ,20 January
Calls for action over dirty money flowingGMT 04:42 2018 Saturday ,20 January
Storm caused 90 mn euros in damage: Dutch insurersGMT 07:06 2018 Friday ,19 January
China economy rebounds in 2017 with 6.9% growthGMT 11:35 2018 Thursday ,18 January
'Massive' infrastructure spending needed in AfricaGMT 14:29 2018 Wednesday ,17 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 18:55 2018 Tuesday ,16 January
London stock market edges to new high

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor