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New Fiscal1 Threat as Obama Addresses Nation
President Obama faces a far different economy than the one he inherited four years ago.
Although unemployment remains2 high, budget expert Stan Collender says the economy is gaining momentum3..
"The housing market is different, the financial market, the stock market is double what it was when he took office, basically," Collender said.
While the risk of economic collapse4 is no longer the issue, analysts5 say the threat of fiscal breakdown6 is.
Despite averting7 a large tax hike for middle class Americans, Congress has only delayed the sequester8 - deep spending cuts mandated9 to force both parties to negotiate a deficit10 cutting deal.
Author and fiscal expert Charles Konigsberg says it's a terrible way to run a government.
"On March 1st, automatic budget cuts go into effect. They would cut both defense11 and non-defense programs by more than 5 percent, which could have a major impact on unemployment and on economic growth," Konigsberg said.
With no deal in sight, the president wants Congress to extend the deadline, again.
"If they can't get a bigger package done by the time the sequester is scheduled to go into effect, then I believe they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester," Obama said.
The Congressional Budget Office says the automatic spending cuts would reduce the annual deficit. But they also would cut economic growth in half - and cost about one and a half million jobs.
House Speaker John Boehner, a Republican, expressed frustration12 over the stalemate.
"At some point, Washington has to deal with its spending problem. I've watched them kick this can down the road for the 22 years that I've been here. I've had enough of it. It's time to act," Boehner said.
With U.S. debt exceeding $16 trillion, both parties agree spending cuts are necessary. But economists13 say the cuts must be gradual. The economy shrank in the fourth quarter for the first time in three years -- the result, says Stan Collender, of a 22 percent cut in military spending.
"It's interesting because, after four years of Republicans talking about how spending cuts were going to spur economic growth, we now know for sure that just the opposite is true," Collender said.
Charles Konigsberg has worked in both Republican and Democratic administrations. He says how the president speaks to Republicans on Tuesday may be just as important as what he says.
"It's essential to bridge the gulf14 between the two parties -- and the only political figure who can do that is the president," Konigsberg
A nagging15 question is -- how much political capital is the president willing to expend16 to bridge a political divide that analysts say is, for now, the biggest drag on the world's largest economy.
1 fiscal | |
adj.财政的,会计的,国库的,国库岁入的 | |
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2 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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3 momentum | |
n.动力,冲力,势头;动量 | |
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4 collapse | |
vi.累倒;昏倒;倒塌;塌陷 | |
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5 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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6 breakdown | |
n.垮,衰竭;损坏,故障,倒塌 | |
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7 averting | |
防止,避免( avert的现在分词 ); 转移 | |
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8 sequester | |
vt.使退隐,使隔绝 | |
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9 mandated | |
adj. 委托统治的 | |
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10 deficit | |
n.亏空,亏损;赤字,逆差 | |
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11 defense | |
n.防御,保卫;[pl.]防务工事;辩护,答辩 | |
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12 frustration | |
n.挫折,失败,失效,落空 | |
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13 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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14 gulf | |
n.海湾;深渊,鸿沟;分歧,隔阂 | |
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15 nagging | |
adj.唠叨的,挑剔的;使人不得安宁的v.不断地挑剔或批评(某人)( nag的现在分词 );不断地烦扰或伤害(某人);无休止地抱怨;不断指责 | |
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16 expend | |
vt.花费,消费,消耗 | |
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