Breaking: Forced budget cuts will hurt economy, Obama says
February 19th, 2013
11:02 AM ET
8 years ago

Breaking: Forced budget cuts will hurt economy, Obama says

(CNN) - President Barack Obama said Tuesday that forced spending cuts set to take effect March 1 won't grow the economy or create jobs, which he called the top priorities of his administration.

He warned that "people will lose their jobs" if the cuts take effect, and he called on Congress to pass a smaller package to avoid the harshest impacts if a more comprehensive agreement can't be reached in less than two weeks.

Republican ideas, he added, for avoiding forced budget cuts "ask nothing" from the wealthiest Americans or big corporations, saying that the GOP prefers having the reductions take effect instead of having "a single tax loophole" disappear for those who don't need it.

Filed under: Debt • Deficit • President Obama
soundoff (31 Responses)
  1. Sniffit

    "guess who is going to lose when the country goes bankrupt. the entitlement folks. "

    If you think that won't result in heads rolling, then I suggest you go read up on the French Revolution. America's Robespierre has been born...we just haven't found him yet.

    February 19, 2013 12:36 pm at 12:36 pm |
  2. rs

    Weren't you guys all hot and bothered by claiming Obama was cutting Medicate by more than 700 billion before the election. I think, sir, that's a "cut".

    February 19, 2013 12:37 pm at 12:37 pm |
  3. rs

    Wow, so a Republican had a policy that forced people to China in 1958?! Delusion!

    February 19, 2013 12:38 pm at 12:38 pm |
  4. rs

    BTW- what do you call the additional $800,000 Romney promised the rich in tax cuts if he were elected? How was that going to get paid for? Isn't it clear the GOP has no real interest in cutting the deficits and debt?

    February 19, 2013 12:41 pm at 12:41 pm |
  5. Larry L

    Those who want draconian cuts so you can preserve the fabulous wealth of the uber-rich need to be specific. Are you willing to lose Social Security, Medicare, the military budget, and highway/infrastructure spending? Are you willing to do without regulations on industry to prevent contamination of air, soil and water – causing dramatic increases in cancer and other chronic disease? Want to forget about homeland security, immigration control, the federal prison system, and all of the programs designed to help poor children? Which ones are your really willing to trash? Somalia has none of those programs. Want to live there?

    February 19, 2013 12:42 pm at 12:42 pm |
  6. Rudy NYC

    Fair is Fair

    Hey Obama –

    Here's a clue for you... runaway spending, $1.5 Trillion annual deficits, and $16.5 Trillion of accumulated debt hurt the economy MORE.
    Psst, here's a fact. The final fiscal year of the GWB administration had a $1.5 trillion annual deficit. So on behalf of the 47% and the 98%, I would like to thank you for pointing out that annual spending has significantly NOT INCREASED under Pres. Obama.

    If we are going to try to resume the tax rates from the Clinton era, then why don't we return to those spending levels, too? No doubt that Republicans would be vehemently against returning to those spending levels. It means nearly half a trillion in annual defense spending would have to be cut. To be fair though, some $200 billion of that 500 goes towards the Dep't of Homeland security, while the bulk of rest goes towards the wars in Iraq and Afghanistan.

    February 19, 2013 12:47 pm at 12:47 pm |
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