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Obama vows to veto any attempt to reverse automatic cuts

(Xinhua)

12:29, November 22, 2011

WASHINGTON, Nov. 21 (Xinhua) -- U.S. President Barack Obama on Monday vowed to veto any attempt to undo the automatic cuts contained in the budget deal that will be triggered by the deficit super-committee's failure to reduce deficit.

Obama made the statement in the White House to reporters after the 12-member bi-partisan Congressional panel failed to ink a deal to slash 1.2 trillion U.S. dollars over the next decade. That failure means automatic cuts across the board would kick in 2013.

The president blamed Republicans in his statement, saying "there's still too many Republicans in Congress who have refused to listen to the voices of reason and compromise that are coming from outside of Washington... that refusal continues to be the main stumbling block that has prevented Congress from reaching an agreement to further reduce our deficit."

"They continue to insist on protecting 100 billion dollars worth of tax cuts for the wealthiest 2 percent of Americans at any cost, even if it means reducing the deficit with deep cuts to things like education and medical research. Even if it means deep cuts in Medicare," said Obama.

But there is still room for Congress to resolve the issue next year. Obama said there will be no easy exit to the deficit problem, and he will keep up the pressure for compromise, and urged the Congress to keep working on the issue.

"We need to keep the pressure up to compromise -- not turn off the pressure," said Obama. "The only way these spending cuts will not take place is if Congress gets back to work and agrees on a balanced plan to reduce the deficit by at least 1.2 trillion dollars ... They've still got a year to figure it out."

If no further deficit reduction plan is in place by early 2013, the "sequestration" option in the debt cutting deal reached in the summer would kick in, meaning 600-billion-dollar cut on domestic programs and 600-billion-dollar cut on defense.

 
 
 
 
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