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White House stresses putting U.S. fiscal house in order

08-08-2011 10:49 BJT

WASHINGTON, Aug. 6 (Xinhua) -- U.S. President Barack Obama believes it is important that U.S. elected leaders come together to strengthen the economy and put the nation on a stronger fiscal footing, the White House said Saturday.

"The bipartisan compromise on deficit reduction was an important step in the right direction. Yet, the path to getting there took too long and was at times too divisive. We must do better to make clear our nation's will, capacity and commitment to work together to tackle our major fiscal and economic challenges," the White House said in a statement.

"Over the past weeks and months the President repeatedly called for substantial deficit reduction through both long-term entitlement changes and revenues through tax reform, with additional measures to spark jobs and strengthen our recovery. That is why the President pushed for a grand bargain that would include all of these elements and require compromise and cooperation from all sides," noted the statement.

Global rating agency Standard and Poor's (S&P) Friday stripped the world's largest economy of its AAA long-term sovereign credit rating and lowered it by one notch to AA-plus, as it was dissatisfied with the plan Congress came up with earlier in the week to reduce the country's debt.

"Over the coming weeks the President will strongly encourage the bipartisan fiscal committee as well as all members of Congress to put our common commitment to a stronger recovery and a sounder long-term fiscal path above our political and ideological differences," according to the statement.

Obama Tuesday signed a bill that raises the nation's debt limit through 2013 and cuts the deficit by more than 2.1 trillion dollars, but the deficit-cutting package put together by lawmakers and the White House, however, fell far short of the 4 trillion dollars cited by S&P to avoid a downgrade.

 

Editor:Wang Xiaomei |Source: Xinhua

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