WASHINGTON - President Barack Obama said Saturday that "nothing can be prohibited" in the budget debate - even if the Republicans have said are increases in taxes. The President said that any tax relief and the Federal program must come under surveillance.
With a period of 2 August imminent raise government borrowing limit, the President used his weekly radio and Internet address to call the Congress to find a market.
He also renewed his call for Congress to eliminate some tax breaks for the rich in an agreement. Republicans want deep spending cuts without any increase in taxes while Mr. Obama and Democrats seek what they term a "balanced" approach That means one which also includes new revenue in the form of an increase in taxes, for some, while the Democrats approach not too from using phrases like "tax increases" or "higher taxes".
"Now, it would be good if we could keep any tax relief, but we can't," said the President Obama. "Because if one chooses to keep these tax breaks for millionaires and billionaires, or hedge fund managers and owners of the jets for business or for oil and gas in the huge profits without our help the business - while we will have to make even deeper cuts elsewhere.".
"Nothing can be banned, including costs in the tax code, particularly the loopholes that benefit very few individuals and companies, said the President."
Legislators and the administration seek cuts deficit to the tune of 2.4 billion during the next decade to compensate for a similar increase in the debt limit - that is large enough to keep the Government afloat after the election of November 2012. The debt limit is currently $ 14.3 billion, and the Secretary of the Treasury Timothy Geithner, said that it must be raised by 2 August to avoid default on financial obligations of the Government for the first time in the history of the country.
Both sides dug in their positions, it is not known how to compromise will be reached, even if the Senate canceled its plans to take a fourth of July recess the week next to remain in Washington and work on the problem.
President Obama expressed confidence an agreement could be made and instead of singling out Republicans as obstacles to the agreement, he directed his message to the Democrats and Republicans alike.
"We have to reduce the deficit, but we can do that all by making investments in education, research and technology that really create jobs,", said the President. "We live beyond our means while still investing in our future." This is what we must do. "And I am confident that Democrats and Republicans in Congress can find a way to give some ground, making difficult choices and put their shoulders to wheel to get this done."
Republicans used their weekly address to criticize Obama on the economy and renew their opposition to tax increases.
"The President and Congressional Democrats should recognize that their game plan does not work." "It is time to recognize that more Government and an increase in fees is not the answer to our problem," said Senator Dan Coats, R - Ind. "It's time for bold action and a new plan to address our current crisis."
Coats, said it was time for the Government to "stop spending money we do not have and to adopt policies that will make our economy and get Americans back to work.".
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