President Barack Obama is urging a debt-ceiling deal with Hill Republicans. Despite the government’s $1.5 trillion current deficit, $14 trillion federal debt and $100 trillion promise of future spending for retirees, the president is pushing Congress to spend still more.
“Let’s get this [deficit and debt] problem off the table … [and] with a solid fiscal situation, we will then be in a position to make the kind of investments that I think are going to be necessary to win the future,” he told reporters gathered for a White House press conference Monday morning.
The compromise, Obama has repeatedly said, would include new taxes. “If you don’t do the revenues, then to get the same amount of savings you’ve got to have more cuts, which means that it’s seniors, or it’s poor kids, or it’s medical researchers, or it’s our infrastructure that suffers,” he said.
New taxes would avoid such unfair cuts, he said, adding that “I think the American people agree with me on that.”