PRESIDENTIAL PRESENTATION ON U.S. DEBT & ECONOMY






PRESIDENT BARACK OBAMA
White House Photography by Pete Souza, June 8, 2011.

President Barack Obama listens during a meeting with advisors in the Oval Office.

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"PRESIDENTIAL PRESENTATION ON U.S. DEBT & ECONOMY"

Posted by Karen Ann Carr
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WASHINGTON, DC- President Barack Obama will speak to the world at 9 PM ET, tonight, Monday - July 25, 2011.

Eighty four percent of Americans believe the state of the U.S. Economy is poor. Sixteen percent of Americans believe the U.S. economy is in good condition.

The economic impact of a U.S. economy that is in a critical state of being is a universal disaster. The United States of America is fourteen trillion dollars in debt and counting.

The White House Press Secretary has released the following statement, arguing that the GOP is operating from a "my way or the highway" position  about balancing the budget.

The White House Press Secretary stated, "The President has been advocating a balanced plan that would reduce our deficit by $4 trillion by making large cuts in domestic and Pentagon spending, reforming entitlement programs, and closing tax loopholes for corporations, millionaires and billionaires.  This sort of approach won support from Democrats and Republicans in the Senate, but the House Republicans walked away after insisting that the budget be balanced on the backs of seniors and the middle class."

Senator Reid’s plan is wishful thinking. It does not remove the very real  possibility of a U.S. economic default. Down-payment plans to address the national U.S. economic situation is somewhat irresponsible at this point. Some one needs to do the right thing, at this point, for global economic stability purposes.

Senator Reid's plan is not a balanced approach to deficit reduction, because it sustains spending, sustains unfunded benefits and entitlements programs, and minimally closes tax loopholes for corporations, millionaires and billionaires. 

To avoid defaulting on U.S. obligations for the first time in history the Congress and the U.S. administration must deal with unfunded entitlements. Entitlements must be reformed. The U.S. must take in more than is paid out in entitlements.

The players are playing on the wrong court. They need to get off of the playing court of public opinion and begin operating on the court of decency and common sense.






 

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