Republicans and Democrats must agree on a “balanced compromise” on budget deficit reduction that avoids “penny-wise but pound-foolish” spending cuts, a top economic adviser to President Barack Obama said.
Less than a week after job-creation figures fell short of expectations and underscored the U.S. economy’s fragility, President Barack Obama will send Congress a budget that doesn’t include the stimulus his allies say is needed and instead embraces cuts in an appeal to Republicans.
Ending billions of dollars in U.S. tax breaks for the oil and gas industry would provide money for investments to encourage clean-energy technologies, said Gene Sperling , director of the National Economic Council.
President Barack Obama’s top economic adviser, Gene Sperling, challenged Republican congressional leaders to put an offer on the table in fiscal- cliff talks and defended Obama’s debt-reduction proposals as concrete and detailed. Sperling spoke in an interview with Bloomberg Television’s Julianna Goldman on “Political Capital with Al Hunt,” airing this weekend.
Congress and President Barack Obama shouldn’t waste the chance to reach an agreement on fiscal policy in the period between the Nov. 6 election and the end of the year, said Gene Sperling, director of Obama’s National Economic Council.