(WASHINGTON) — With billions in spending cuts looming, President Obama is urging lawmakers to work together on a “balanced approach” to reduce the deficit.
“We all agree that it’s critical to cut unnecessary spending. But we can’t just cut our way to prosperity,” Obama says in his weekly address. “It hasn’t worked in the past, and it won’t work today. It could slow down our recovery. It could weaken our economy. And it could cost us jobs – now, and in the future.”
“What we need instead is a balanced approach; an approach that says let’s cut what we can’t afford but let’s make the investments we can’t afford to live without. Investments in education and infrastructure, research and development – the things that will help America compete for the best jobs and new industries,” he says.
Lawmakers have until March 1 to prevent $85 billion in across-the-board budget cuts that were delayed for two months as part of the deal to avert the “fiscal cliff.”
Just days after learning that the U.S. economy shrank in the fourth quarter of last year, Obama warns that “bad decisions in Washington can get in the way of our economic progress.”
“2013 can be a year of solid growth, more jobs, and higher wages. But that will only happen if we put a stop to self-inflicted wounds in Washington. Everyone in Washington needs to focus not on politics but on what’s right for the country; on what’s right for you and your families,” the president concludes.
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