PALO ALTO, California (Reuters) - President Barack Obama said on Wednesday he believes the U.S. economy could lapse back into recession if government spending is cut too deeply.
Obama made the comment at a Facebook town hall, which he used to promote his proposals for reducing U.S. deficits. He said Republicans are too narrowly focused on spending cuts.
Obama also said the lack of a serious plan to tackle U.S. deficits could become a big drag on the economy if investors pull back.
"If all we are doing is spending cuts, and we are not discriminating about it, if we are using a machete instead of a scalpel, and we are cutting out things that create jobs, then the deficit could actually get worse because we could slip back into another recession," he said.
(Reporting by Alister Bull and Kim Dixon)
Cortney O'Brien - Kevin McCarthy Withdraws from Speaker Race
Report: Boehner phones Paul Ryan, asks him to run for Speaker — or else he might stay on as Speaker himself
Paging Mitt Romney: Kremlin openly mocking the White House by releasing secretly taped meeting
How to Create a Gun-Free America in 5 Easy Steps - Bearing Arms - Gun Control, Video
Trey Gowdy to Elijah Cummings: so, hey, Sidney Blumenthal profited from the Libyan civil war? | RedState
- Vladimir Putin’s Russia Adopts Concealed Carry
The Problem Isn't Guns Or White Men | Human Events