Obama makes pledge to drastically cut the budget deficit.
Wired PR News.com – President Barack Obama pledged on Monday to significantly lessen the annual budget deficit despite spending increases from the recently signed stimulus bill. As reported by the Associated Press (AP), the President stated, “If we confront this crisis without also confronting the deficits that helped cause it, we risk sinking into another crisis down the road…We cannot simply spend as we please and defer the consequences.”
Obama’s plan includes the reinstatement of a “pay-as-you-go” rule that would parallel spending increases to reductions. As noted by the AP, Obama’s pledge sparked little confidence in investors, with the Dow Jones Industrial Average falling 251 points Monday.
The President is set to speak before Congress on Tuesday to discuss budget issues. He is quoted in the AP report as remarking of the growing deficit, “We are paying the price for these deficits right now…I refuse to leave our children with a debt that they cannot repay.”
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