US Economy Poised for Good Year, Obama Says

Speaking at a White House news conference, President Barack Obama says the economy is poised for a good year, as long as Washington politics does not interfere.




Obama called on Congress to find long-term, sustainable solutions to the country's economic problems. He said he is willing to compromise on cutting the U.S. federal budget and is open to reforming so-called "entitlement programs", like pensions and health care.



The president said he has made progress on deficit reduction and is moving towards the goal of a $4 trillion reduction.



Debt ceiling



Obama says it would be "ridiculous" for his political opponents in Congress to even consider not raising the country's $16.4 trillion borrowing limit in the coming weeks.



The U.S. has already reached the debt ceiling, but has enough money to continue paying its bills for several weeks. President Obama said the borrowing limit needs to be increased, not so government spending can be increased, but so the U.S. can meet financial obligations it has already incurred.



"We are not a deadbeat nation," the president said. "These are bills that we've already racked up."



The U.S., with the world's largest economy, has seemingly skidded from one financial crisis to another. Obama, a Democrat set to start his second term on Sunday, has regularly sparred with his Republican opponents in Congress. They are intent on using the debt ceiling debate as a way to force Obama to sharply cut government spending to eventually rein in the country's debt.



Fiscal cliff deal



Earlier this month, after weeks of negotiations, Congress and the White House reached a last-minute deal to maintain current tax rates for most Americans while allowing them to increase for couples earning more than $450,000 a year. The tax increase affects less than one percent of U.S. workers.



But the early 2013 agreement pushed off key decisions on planned spending cuts in defense and domestic programs until early March, as well as whether to increase the debt ceiling.



The U.S. last raised its debt ceiling in mid-2011, but not before a contentious debate over spending that brought the nation to the brink of defaulting on its financial obligations. With the economic turmoil, one financial services company trimmed the country's top credit rating.

fuente: La Voz de América,, http://www.voanews.com/content/obama-says-us-economy-poised-for-good-year/1583513.html

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