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Published: Saturday 07 September, 2013

best online outlet stores best online outlet stores ?Obama keeps pressure on Congress for deficit deal

President Barack Obama promised Monday to veto any efforts to get rid of automatic spending cuts that are to follow the failure of a congressional supercommittee to agree on how to cut the budget deficit by $1.2 trillion.

We need to keep the pressure up to compromise on deficit cutting, Obama said.

Failure by the panel will trigger about $1 trillion US over nine years in automatic acrosstheboard spending cuts to a wide range of domestic programs and the Pentagon budget, starting in 2013, according to the Congressional Budget Office.

This action, called a sequester, would also generate $169 billion in savings from lower interest costs on the national debt.

Earlier, supercommittee cochairs Patty Murray, a Democratic senator from Washington, and Jeb Hensarling, a Republican House representative from Texas, said despite intense deliberations the members of the panel had been unable to bridge the committees significant differences.

Despite the broad agreement among American voters on where to make cuts or increase taxes, Obama said, there are still too many Republicans in Congress who refuse to listen or compromise on proposals to increase taxes on the rich.

But no best online outlet stores thing prevents Congress from coming up with a compromise in the coming days, he said.

The impasse came after two months of talks. Republicans on the 12member panel refused to rethink their ideological opposition to higher taxes, while Democrats wouldnt budge on their insistence not to cut certain services.

When Democrats and Republicans came to an 11thhour agreement to extend Americas debt ceiling earlier in the summer, the close of business on Monday was set as a loose deadline for the two sides to come back with a proposal to fix the budget mess.

The failure to reach a definitive deal then on how much to cut and where to make those cuts led rating agency Standard and Poors on Aug. credit rating.

Analysts say that after the supercommittees deadlock, there could be downgrades by other rating agencies.

In addition, the failure raises the question of how a gridlocked Congress would find a way to extend a cut in the Social Security tax. Congress passed it for one year, and some lawmakers support extending it because economic growth remains weak.

Each of those measures puts cash in the pockets o best online outlet stores f Americans, who can spend it and help the economy grow.

Avery Shenfeld, of CIBC World Markets, raised the question of whether the failure of the supercommittee to make a deal precluded that kind of stimulus, saying that would raise a serious risk of having the economy stall.

He dismissed that possibility, saying that Congress could still agree to extend stimulus for another year despite not having reached on deal on how to pay for that with deficit cuts down the road. stocks even lower. The Dow Jones industrial average was off almost 250 points, or two per cent, to under 11,550 on Monday.

Volatility seized the stock market in late July, when Congress was wrestling with whether to raise the limit on how much the federal government can borrow.

The Dow rose or fell 100 points or more on 15 trading days in August, 16 in September and 15 in October. Monday was its 10th tripledigit move this month, with six trading days to go.

Defence Secretary Leon Panetta had said the automatic cuts that will take effect with the supercommittees failure and mean reduced funding of up to $454 billion to the Pentagon would be devastating and leave a hollow force. Defence hawks on Capitol Hill promise they wont allow them to be that deep.

But that effort will be complicated by the insistence of other legislators that the overall amount of the budget cuts be left in place.

The impasse also showed lawmakers may not be able to make progress on anything budgetrelated in the coming months, said Robert Pavlik, chief market strategist with Banyan Partners LLC in New York.

It shows that theres a bigger problem at hand, and if they cant work to resolve these relatively small yet meaningful issues, whats going to happen if we get into a situation like Europe is in? he said. And were kind of headed there.

The budget deficit has forced the United States government to borrow 36 cents of every dollar it spent last year.

Americans faith in their government has been deeply shaken through the entire affair. Opinion polls suggest a record low of nine per cent of people approve of the job Congress is best online outlet stores doing.

The panels failure also sets up a fight within a battleweary, dysfunctional Congress over renewing a payroll tax cut and jobless benefits for the longterm unemployed, both of which are set to expire at the end of the year. Both proposals are part of Obamas $447billion jobs plan. best online outlet stores