Sph Website
 
THE AWARD-WINNING WEBSITE: BEST IN ONLINE MEDIA (GOLD) - WAN-IFRA ASIA DIGITAL MEDIA AWARDS 2012
Singapore weather
27 °C
 -
34°C
 

White House seeks 'balanced way' to budget fix

 
Published on Feb 18, 2013
6:12 AM
In this Sunday, Feb. 17, 2013, file photo provided by CBS News new White House Chief or Staff Denis McDonough speaks on CBS's "Face the Nation" in Washington. On talk shows Sunday McDonough said Obama is concerned about the effect the automatic budget cuts, scheduled for next month, will have on America's middle class. He said the economy has been getting stronger over the past few months, and cited improvements in housing, the stock market and consumer confidence. McDonough also said the White House will push for what he calls a reasonable amount of spending cuts coupled with additional tax revenue. -- PHOTO: AP

WASHINGTON (AP) - President Barack Obama is concerned about the effect that looming, drastic across-the-board budget cuts will have on the middle class, his new chief of staff said Sunday.

Congressional Republicans predicted the cuts would start as scheduled next month and blamed Mr Obama not only for doing little to stop them but for the idea itself.

The cuts, called the sequester, would drain US$85 billion from the government's budget over the coming seven months. Actual cuts may be around 13 per cent for defence and 9 per cent for other programmes because lawmakers delayed their impact, requiring savings over a shorter period of time.

Last week, the White House last week let loose a list of ways Americans would feel the cuts, from longer waits at airport security to as many as 13,000 teachers being laid off.

TO READ THE FULL STORY...

 
comments powered by Disqus