Obama wants action on government's borrowing limit - WALB.com, Albany News, Weather, Sports

Obama wants action on government's borrowing limit

Posted: Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Smack down on Cancer at the State Theater

    Smack down on Cancer at the State Theater

    Saturday, April 19 2014 11:54 PM EDT2014-04-20 03:54:50 GMT
    Wrestlers from all over Georgia and Florida were in town for the Smack Down on Cancer Event at the state theater. More >>
    Wrestlers from all over Georgia and Florida were in town for the Smack Down on Cancer Event at the state theater. More >>
  • Americus student honored in statewide design contest

    Americus student honored in statewide design contest

    Saturday, April 19 2014 7:59 PM EDT2014-04-19 23:59:05 GMT
    Indira Zelaya, a fourth grader from Sarah Cobb Elementary School in Americus, was honored in Atlanta recently for her artwork supporting Georgia's manufacturing industry.  She was nominated by South GeorgiaMore >>
    Indira Zelaya, a fourth grader from Sarah Cobb Elementary School in Americus, was honored in Atlanta recently for her artwork supporting Georgia's manufacturing industry.  She was nominated by South Georgia Technical College.More >>
  • Swimming pool destroyed after storm

    Swimming pool destroyed after storm

    Saturday, April 19 2014 7:32 PM EDT2014-04-19 23:32:11 GMT
    An Albany man arrived home to find his pool completely destroyed. He's not sure what happened, but the wall caved in and the concrete cracked. He says he's had the siding redone several times.More >>
    An Albany man arrived home to find his pool completely destroyed. He's not sure what happened, but the wall caved in and the concrete cracked. More >>

By MATTHEW DALY
Associated Press

HONOLULU (AP) - President Barack Obama is hailing a last-minute deal that pulled the country back from the "fiscal cliff," but says it's just one step in a broader effort to boost the economy and shrink federal deficits.

Obama said in his radio and Internet address Saturday that the new law, approved by Congress on New Year's Day and signed Thursday, raises taxes on the wealthiest Americans while preventing a middle-class tax increase that could have thrown the economy back into recession.

With one crisis for the short term, Obama faces new battles in Congress over raising the country's $16.4 trillion borrowing limit, as well as more than $100 billion in automatic spending cuts for the military and domestic programs which were delayed by two months under the compromise.

Lawmakers promise to replace those across-the-board cuts with more targeted steps that could take longer to implement.

Obama, speaking from Hawaii, where he is on vacation with his family, said he is willing to consider more spending cuts and tax increases to reduce the deficit.

But he said he "will not compromise" over his insistence that Congress lift the federal debt ceiling. The nation's credit rating was downgraded the last time lawmakers threatened inaction on the debt ceiling, in 2011.

"Our families and our businesses cannot afford that dangerous game again," Obama said.

If elected officials from both parties "focus on the interests of our country above the interests of party, I'm convinced we can cut spending and raise revenue in a manner that reduces our deficit and protects the middle class," Obama said.

In the Republican address, Rep. Dave Camp of Michigan said that as attention again turns to the debt limit, "we must identify responsible ways to tackle Washington's wasteful spending."

Americans know that "when you have no more money in your account and your credit cards are maxed out, then the spending must stop," Camp said.

___

Online:

Obama address: www.whitehouse.gov

GOP address: www.youtube.com/HouseConference

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow