Wehrwolfen
Senior Member
- May 22, 2012
- 2,750
- 340
- 48
OBAMA: FISCAL CLIFF DEAL IS 'JUST ONE STEP,' VOWS NOT TO DEBATE DEBT CEILING
By Grace Wyler
01/02/2013
Appearing shortly after the House voted to pass a fiscal cliff deal Tuesday night, President Barack Obama called the bill a "first step" toward deficit reduction, but warned that he will not go through the same battle with Republicans over the debt ceiling.
"Thanks to the votes of Democrats and Republicans in Congress I will sign a law that raises taxes on the wealthiest 2% of Americans," Obama said. "Tonights agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households."
But, he added, "the fact is, the deficit is still too high."
"I believe there's further unnecessary spending in government that we can eliminate," he said. "There will be more deficit reduction as Congress decides what to do about the automatic spending cuts in two months."
The statement caps off days of chaotic negotiations, which ended in a bill that will raise taxes on households earning $450,000, as well as increase taxes on estates over $5 million and extend unemployment benefits. The bill does little to address sequestration, however, but extends the deadline for the spending cuts by two months.
That deal marks a significant political victory for Obama, fulfilling his central campaign promise to raise taxes on the wealthiest Americans.
Still, the agreement fell far short of the "grand bargain" that Obama had initially hoped for, putting off negotiations over spending cuts and the debt ceiling.
Republicans have indicated that they plan to put up a tougher fight over these issues in the next Congress, guaranteeing a protracted battle that the White House had initially sought to avoid.
[ame=http://www.youtube.com/watch?v=JPRWugIbNlw]The President Delivers a Statement - YouTube[/ame]
(Excerpt)
Read more:
Obama To Sign Fiscal Cliff Deal, Warns He Will Not Debate On Debt Ceiling - Business Insider
