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Bipartisan debt deal averts crisis, boon for U.S. economy: Obama

08-03-2011 08:54 BJT

WASHINGTON, Aug. 2 (Xinhua) -- The bipartisan compromise deal could help avert a looming debt default crisis and secure key investments for the U.S. economy, U.S. President Barack Obama said Tuesday.

The austerity bill that Congress just passed is a first step for the nation's long-term fiscal consolidation, Obama said at a White House press conference after the bipartisan compromise deal cleared the U.S. Senate Tuesday.

Obama Tuesday afternoon signed the last-minute bipartisan bill into law to stave off a potentially catastrophic debt default risk.

"It's an important first step to ensuring that as a nation we live within our means. Yet it also allows us to keep making key investments in things like education and research that lead to new jobs, and assures that we're not cutting too abruptly while the economy is still fragile," he said.

Obama stressed that the nation needs a balanced way on deficit reduction and the wealthiest Americans should also sacrifice for slashing government deficit.

A balanced approach should include making adjustments to protect health care programs like Medicare for future generations and "reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share," he added.

"It means getting rid of taxpayer subsidies to oil and gas companies, and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses," Obama said.

Obama urged that U.S. lawmakers should also endeavor to facilitate the economy by boosting job creation and consumer confidence.

He said American voters wanted U.S. policymakers to get the economy growing and adding new jobs, urging Congress to create a better climate for hiring and consumption in the nation.

The U.S. economic growth pace has sharply slowed in the first half of this year, largely due to flat household consumption and local governments' spending cuts.

Editor:Wang Xiaomei |Source: Xinhua

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