Hopes US will avoid looming fiscal crisis

Last updated 15:07 29/11/2012
Barack Obama
HIGH HOPES: Barack Obama speaks during a meeting with members of his cabinet at the White House on Wednesday.

Relevant offers


Jobs go as mining boom goes bust US man jailed for stealing DuPont secrets Boeing raises forecast for new airplane demand US Fed mulls end of crisis policies Vatican cleans up scandal-hit bank US firm chasing ex-worker Salad days continue at Kickstarter Madoff son called co-conspirator Australian confidence rise 'disappointing' Quirky Aussie phone brand dies






On Wednesday, he spoke to an audience of "middle class Americans" who he said would have roughly US$2000 ($2426) less to spend if Congress fails to extend middle class tax rates that will automatically rise unless lawmakers act.

He went a step further at a cabinet meeting later in the day, saying the tax rise would hurt the world economy.




For their part, Republican leaders are seeking to cut spending on social safety net programmes, in particular the Medicare programme that provides health insurance for the elderly, which they say is the key reason for yawning deficits.



Ad Feedback

The president called on his backers to pressure Congress both by traditional means and through social media. The White House has encouraged supporters to tweet how roughly US$2000 less in disposable income would hurt their spending.




- Reuters

Special offers

Featured Promotions

Sponsored Content