Obama Blames Republicans for Failure of Deficit Negotiations

Monday, 21 Nov 2011 09:51 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

President Barack Obama blamed Republican lawmakers who “refused to listen to the voices of reason and compromise” for the failure of a congressional panel to come up with a deal on cutting the federal deficit.

Obama also said he would veto any move to avoid the automatic spending cuts that are supposed to be imposed as a result of the supercommittee’s failure, staring in 2013.

Democrats were willing to go along to some cuts in Medicare as long as Republicans accepted higher taxes for the wealthiest Americans, Obama said in remarks at the White House.

“They simply will not budge,” he said of the Republicans.

Obama spoke a little more than an hour after the Democratic and Republican co-chairmen of the deficit-reduction committee announced the panel wasn’t able to reach an agreement, setting the stage for $1.2 trillion in across-the-board cuts in discretionary spending, including defense.

The collapse of negotiations also sparked a partisan debate over who should get the blame. Democrats said the refusal of Republicans to let Bush-era tax cuts for top earners expire scuttled chances for a deal. Republicans said the Democratic demand for such tax increases was the major obstacle.

Obama said a combination of spending cuts and higher tax revenue “is supported by an overwhelming majority of Americans” and by “experts and economists all across the political spectrum.”

Gridlock

The supercommittee was created in an effort to overcome gridlock in Washington after other high-profile efforts over the past year aimed at reducing the nation’s long-term deficit fell apart.

The lack of a deal threatens to deprive Obama of a vehicle to extend a payroll tax cut and insurance benefits for unemployed Americans, which expire at the end of the year.

Obama vowed to block any increase in taxes for middle- income Americans. He said lawmakers still have a year to “figure it out” and come up with a deficit reduction plan before the automatic spending cuts take effect.

“One way or another we will be trimming the deficit by a total of at least $2.2 trillion over the next 10 years,” Obama said, counting the $1 trillion in deficit cuts agreed to earlier by lawmakers.

--With assistance from Catherine Dodge and Brian Faler in Washington. Editors: Joe Sobczyk, Don Frederick

To contact the reporter on this story: Kate Andersen Brower in Washington at kandersen7@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

'The Interview' Kim Jong-Un Death Scene Leaked on Web

Thursday, 18 Dec 2014 16:16 PM

The scene portraying the death of Kim Jong-un in "The Interview" surfaced Thursday, showing the North Korean leader meet . . .

Trump Christmas Card Fires Obama

Thursday, 18 Dec 2014 16:08 PM

Donald Trump issued his 2014 Christmas card via social media this year, firing lame duck President Barack Obama with his . . .

Experts: Putin Abandons Economy for Own 'Geopolitical Goals'

Thursday, 18 Dec 2014 15:15 PM

The continuing collapse of the Russian economy may bring a sense of pleasure to critics, but it remains unclear what imp . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved