"We want to prevent a debt crisis from hurting those who are the most vulnerable in society, from giving us a European- like economy"
- Paul Ryan, a Wisconsin Republican
The U.S. President Barack Obama is expected to announce his plan on how to reduce the deficit and work with Republicans to avoid automatic budget cuts, White House Chief of Staff Denis McDonough said Sunday. While Obama has a plan to reduce the deficit by $1.5 trillion, which includes revenue increases, House Republicans are not sharing president's opinion, as the increase of revenues wouldn't do much to close the deficit. The world's largest economy stalled during the last three months of 2012, posting the worst quarter since the recession ended three and a half years ago. Without any action by Congress the federal government will begin the first round of $1 trillion in across-the-board budget cuts already in the next month, adding to concerns that it will weigh on the U.S. economy.
"This is not an ideological effort," McDonough said. "This should not be a social-science experiment. This should be a question where we ask ourselves, ‘What is most important to the economy? What is most important to the middle-class families of this country?"
"We want to prevent a debt crisis from hurting those who are the most vulnerable in society, from giving us a European- like economy," said Paul Ryan, a Wisconsin Republican.
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