Photo: AP Photo/Keith Srakocic
President Obama threatened to veto any attempt to eliminate the $1.2 trillion in mandatory spending cuts scheduled to take effect in 2013 now that the super committee has failed.In a terse statement from the White House briefing room, Obama said, “I will veto any effort to get rid of those automatic spending cuts. There will be no easy off ramps on this one.”
He added that he will also push Congress to extend the payroll tax cut into 2012, warning that if lawmakers fail to act “taxes for every American will go up next year.”
He added: “I’m not about to let that happen.”
More from his statement:
Obama notes that he proposed a “balanced” plan to deficit reduction that was supported “by an overwhelming majority of Americans — Democrats and Republicans — and independent economists and experts.”
Obama: “There are still Republicans in Congress who refuse to listen to voices of reason.”
Obama: “To their credit, many Democrats in Congress were willing to put politics aside…” and commit to Medicare cuts.
Obama: We are not in the same situation that we were in in August — there is no imminent threat of default. Notes there are automatic cuts in place.
Obama: “One way or another we will be trimming the deficit by a total of $2.2 trillion over the next 10 years.”
Obama: “No. I will veto any effort to get rid of those automatic spending cuts. There will be no easy off ramps on this one.”
Obama says he will only allow Congress to modify the automatic spending cuts to make them less harmful on defence and other sectors of government.
Obama: In the meantime we have a lot of work to do this year. Mentions payroll tax.
“If we don’t act [on payroll tax] taxes for every American will go up next year. I’m not about to let that happen.”
That’s it for Obama’s statement.
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