Thu, September 06, 2012
Business

Obama's budget plan stabilizes debt: White House expert

2012-09-06 01:57:07 GMT2012-09-06 09:57:07(Beijing Time)  Xinhua English

WASHINGTON, Sept. 5 (Xinhua)-- U.S. President Barack Obama's deficit-reduction plan was detailed, specific and balanced, which would help stabilize the nation's debt, said a White House expert on Wednesday.

"He has already signed into law cuts of more than 2 trillion dollars, lowering discretionary spending to the smallest percentage of GDP in five decades, since Dwight Eisenhower was president," Gene Sperling, director of the President's National Economic Council (NEC), said in an article on USA TODAY.

Sperling contended that Obama is the only leader in Washington who has put out a detailed, line-by-line budget, in contrast with the "broad and vague" proposals of the House Republican leadership.

In addition to detailed proposals for reducing unnecessary tax credits for high-income families, the president has proposed large long-term health savings and discretionary savings, and at the same time maintained priorities like job creation and investments in competitiveness, he added.

While defending Obama's policy, Sperling criticized the Republicans who he said rejected any budget balance by refusing to add a penny of revenues to bring down the deficit.

According to the Treasury's figures, the total outstanding U.S. public debt has surpassed 16 trillion dollars, an increase of more than 5 trillion dollars compared with the level when Obama took office in 2009.

The Republicans hammered Obama administration for the "enormous debt" and said he failed to honor his promise to cut the deficit in half.

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