Thursday, April 29, 2010
Obama says consider everything in tackling US debt
President Obama told his commission working on the fiscal budget that everything will be considered in the attempts to decrease the large U.S. budget deficit. The main fear is that the majority holder of American debt belongs to foreign countries and this may threaten the U.S. economy. As the economy recovers, the US government is looking to slowly return to healthier fiscal spending and levels.
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The issue of budget deficit needs some serious consideration. The fact that the debt can double in the next decade as mentioned in the article comes with little surprise as the government has spend huge sums of money to refuel the economy, plus it is spending billions of dollars on wars with Iraq and Afghanistan. Hence the government is showing no signs of cutting down its expenditure. The only way out seems to be to increase taxes which I doubt will hardly be popular among the public.
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