Obama Convinced U.S. Needs Revenue and Spending Cuts

President Barack Obama said there is “no doubt” the government needs new revenue from closing tax “loopholes” and limiting deductions, along with enacting spending cuts, to reduce the federal deficit.

There’s “no reason why we can’t have really strong growth in 2013,” the president said in an interview with CBS television today before the network’s Super Bowl broadcast. He cited a recovering housing industry, strong manufacturing and rising car sales.

“There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” he said. “I don’t think the issue right now is raising rates.”


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.