President Barack Obama returns to the Air Force Base near Washington at Andrews, June 24, 2011.
Credit: Reuters/Jason ReedBy Ayesha RascoeWASHINGTON | SAT 25 Jun 2011 6: 05 am EDT
WASHINGTON (Reuters) - President Barack Obama said Saturday remains committed to working with Congress to find a solution to the problem of the debt of the Government, but the focus may not only be in spending cuts.
Comments Obama come the President prepared to meet separately with leading Democrats and Republicans in the Senate on Monday to try to revive the negotiations collapsed on Thursday when Republicans took over democratic demands for tax hikes.
"Of course, there has been a real debate about where to invest and where to cut, and I am committed to working with members of both parties to reduce our deficit and debt," Obama said in his weekly radio address.
"But we can not simply cut our way to prosperity", added.
Obama said that the nation is still needed to invest in education, infrastructure and development of new technologies to grow the economy of United States.
Lawmakers have been working to hash an agreement for budget deficit lower and raise the limit of U.S. debt. The federal deficit now amounts to $ 1.4 trillion, among the highest levels on the economy since the second world war.
Must be increased the ceiling of the debt of U.S. 14.3 trillions of dollars before August 2 or the Department of the Treasury will be left without money to pay bills in the country. A default on debt payments could send markets plunging around the world and increase the risk of another U.S. recession.
Republicans and Democrats have clashed in the composition of the deficit-reduction package, with the Republicans against the increases in taxes and Democrats saying that it will not support a package that is based only on spending cuts.
Conservatives in Congress, including many activists of the tea party which is credited with winning the House for the Republicans in the 2010 elections, have questioned whether there really is an urgent need to increase the debt limit.
(Editing by Peter Cooney)
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