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Obama Calls for US Parties' Compromise on Budget Deficit

Service : Economy
TEHRAN, July 6 (ICANA) – US President Barack Obama has asked the Republicans and Democrats to come to a “tough” compromise over budget deficit, opposing a short-term deal to raise the nation's debt limit.
Wednesday, July 06, 2011 12:21:01 PM
Obama Calls for US Parties' Compromise on Budget Deficit

Obama told the reporters in the White House on Tuesday that a short-term debt-limit increase to avoid defaulting on the $14.3 trillion debt would amount to an effort to ''kick the can down the road,'' Reuters reported.

However, with both American parties failing to come to an agreement over how to handle the tough budget crisis in the country two weeks ago, negotiations have reached an impasse to the point that House of Representatives Speaker John Boehner "questions the usefulness of the meeting," said an aide to the top Republican in Congress.

The president and his fellow Democrats say nothing should be off limits to balance the federal government's budget.

On the other hand, Republicans reject any tax increases as part of a final deal to raise the borrowing limit.

Republican Senator John Cornyn over the weekend floated the idea of a short-term measure to lift the debt ceiling for six to eight months in order to meet the August 2 deadline while congressional negotiators work on a broader agreement.

Obama said he did not share that view and added, "We need to take on spending in domestic programs, in defense programs, in entitlement programs, and we need to take on spending in the tax scope.

"This will require both parties to get out of their comfort zones, and both parties to agree on real compromise. And I'm ready to do that," he continued.

Obama urged the leaders of both parties and the two Houses on Congress to attend a meeting in the White House on Thursday to continue the discussions towards a final agreement.

He demanded that everybody "leave their ultimatums and political rhetoric at the door" and decide what is best to the economy, find common ground, solve the problems in a responsible way, and reach an agreement.

"It's better to make tough decisions sooner rather than later," Obama said.

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