President Obama said he would veto any effort by lawmakers to repeal a requirement for $1 trillion in automatic spending cuts to be triggered after the Super Committee failed to agree on terms to save the country $1.2 trillion over a 10-year span.
“There will be no easy off ramps on this one,” Obama said at an afternoon press conference where he laid blame squarely on Republicans who refused to bend in their defense of tax cuts for the wealthy during debt talks. “We need to keep the pressure up to compromise, not turn off the pressure.”
He went on to promise that the deficit will be reduced by at least $2.2 trillion in the next decade “one way or another.” He included the roughly $1 trillion in cuts approved in August.
“The only way these spending cuts will not take place is if Congress gets back to work to reduce the deficit by at least $1.2 trillion,” he said. “They’ve still got a year to figure it out.”
These automatic spending cuts are designed to fall evenly on the military and domestic government programs beginning in 2013.Continue reading on www.foxnews.com