President Obama Attacks National Debt

April 27, 2010 - PRLog -- Fearing a lack of action to combat the budget will continue to cripple the country, President Barack Obama urged Washington and the recently appointed Fiscal Responsibility and Reform Commission to swiftly confront the national deficit, Tuesday, April 27, 2010.  Obama spoke of an aggressive attack to fight “exploding deficits” but was vague with reporters about what such options the country has available.

"We're not playing that game. I'm not going to say what's in. I'm not going to say what's out. I want this commission to be free to do its work," said the president.

Many are skeptical that it will be possible to significantly reduce the United States budget within the next five years.

The National Commission on Fiscal Responsibility and Reform is chaired by former senator Alan Simpson and former White House chief of staff Erskine Bowles, the commission includes the chairmen and ranking members of the Senate and House Budget committees, the chairman of the Senate Finance Committee, and a former White House budget director and vice chairman of the Federal Reserve Board.

Fed Chairman Ben Bernanke warns that the national debt is apt to economically hurt the United States eventually. The deficit reached $1.4 trillion dollars last year. With no plan currently in place, interest rates continue to rise—effecting Americans and the government.
The easiest solutions, fewer government benefits and higher taxes, are the most harmful to citizens.  As such, the recommendations from the bipartisan fiscal committee will release its counsel after elections in November.

# # #

Since 2004, Ratelines.com has been an independent and objective source for reliable information about the finance industry. Ratelines is dedicated to helping consumers make the best monetary decisions and keep up-to-date information on the ever-changing economy and fiscal year. Ratelines’ goal is to provide consumers and borrowers alike with the proper tools and information needed to make capital decisions. For more information on cd rates, please visit our site.