Saturday, September 25, 2010

Republican economic proposals "disastrous": Obama

Amplify’d from

Republican economic proposals "disastrous": Obama

WASHINGTON — President Barack Obama hammered Republicans on Saturday over their newly unveiled campaign agenda, calling the opposition party's economic ideas "an echo of a disastrous decade we can't afford to relive."

Republicans, in turn, called Obama's policies disastrous, too, and promised to address "dire" economic conditions more effectively if they take over one or both houses of Congress after the November elections.

U.S. President Obama speaks during a high level meeting on Sudan at the U.N. headquarters in New York

Obama continued that critique with his appraisal of the Republicans' "Pledge to America" plan.

"It is grounded in (the) same worn out philosophy: cut taxes for millionaires and billionaires; cut the rules for Wall Street and the special interests; and cut the middle class loose to fend for itself," Obama said, according to a text of his address.

"That's not a prescription for a better future. It's an echo of a disastrous decade we can't afford to relive."

"And for all their talk about reining in spending and getting our deficits under control, they want to borrow another $700 billion, and use it to give tax cuts to millionaires and billionaires," he said. Republicans argue that extending the tax cuts would prevent what would otherwise be a tax hike in the midst of a rough economy.


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