Sunday, February 14, 2010

Obama signs ‘pay as you go’ legislation into law


US President Barack Obama called Saturday for new spending cuts, warning the country must bring its ballooning deficit under control in order to be able to move forward.

"Even as we make critical investments to create jobs today and lay a foundation for growth tomorrow -- by cutting taxes for small businesses, investing in education, promoting clean energy, and modernizing our roads and railways -- we have to continue to go through the budget line by line, looking for ways to save," Obama said in his weekly radio address.

"We have to cut where we can, to afford what we need," he added.

The Obama administration acknowledged earlier this month that the budget deficit will swell to a record 1.556 trillion dollars.

Accumulating deficits beyond this year -- although expected to decline -- would double federal debt held by the public to 15.686 trillion dollars in seven years and push it even higher to 18.573 trillion dollars in 2020..................

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