Apr 24, 2011

Obama: US Finances are Unsustainable

http://static01.mediaite.com/med/wp-content/uploads/2011/04/ObamaFacebook-300x202.jpgBloomBerg - President Barack Obama, on a cross country trip to sell his deficit reduction plan, said yesterday that the nation’s finances are “unsustainable.”

At a campaign-style town hall meeting at the headquarters of Facebook Inc., Obama described the House Republicans’ budget plan as “fairly radical,” and said members of both political parties in Washington need to work together to start reducing the federal deficit in a “balanced way.”

“We have an unsustainable situation,” he said. “We face a critical time where we are going to have to make some decisions -- how do we bring down the debt in the short term, and how do we bring down the debt over the long term?”

Obama ... “Nothing is easier than solving a problem on the backs of people who are poor or people who are powerless,” he said.