Obama says fiscal cliff deal made tax system fairer
President Barack Obama said on Tuesday he had fulfilled a campaign promise to make the US tax system fairer with a deal to avert the fiscal cliff crisis that passed after a fierce duel in Congress.business Updated: Jan 02, 2013 11:19 IST
President Barack Obama said on Tuesday he had fulfilled a campaign promise to make the US tax system fairer with a deal to avert the fiscal cliff crisis that passed after a fierce duel in Congress.
"The one thing that I think hopefully in the New Year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little bit less brinksmanship, not scare the heck out of folks quite as much," he said.
Obama also warned that he would not bargain with Republicans in Congress or offer spending cuts in return for lifting the government's borrowing limit, known as the debt ceiling, in the coming months.
"While I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills that they've already racked up through the laws that they passed," the president said.
"Let me repeat. We can't not pay bills that we've already incurred. If Congress refuses to give the United States government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic, far worse than the impact of a fiscal cliff."
Within minutes of speaking to reporters in the West Wing, Obama was to leave the White House for Hawaii, where he will rejoin his family on vacation.