ReutersWASHINGTON (Reuters) - President Barack Obama called on the U.S. Congress on Saturday to create a bipartisan panel that would look at ways to rein in the country's soaring deficits.
Obama said in a statement the country faced a "serious fiscal situation" that stemmed from the recession he inherited from the Bush administration and years of "failing to pay for new policies."
The statement came ahead of Obama's State of the Union address, due on Wednesday, in which aides say he will make deficit reduction a major theme.
Yea I'm not surprised by this. I think President Bush tried to do the whole green thing with alternative fuels or something with his state of the union address. A pressing need was it? Anyway, if Obama can be credited with reducing the deficit and overall government spending his 2012 bid will be a lot easier. I just hope he goes into detail explaining how. What programs are to be cut? What programs are to be scaled back? Specifics please.