Skip to content. | Skip to navigation

Personal tools
You are here: Home Breaking news Obama: US is not Greece or Portugal

Obama: US is not Greece or Portugal

— filed under: , , , ,

(WASHINGTON) - President Barack Obama stressed Friday that the US fiscal problems were not as bad as those threatening the stability of the eurozone, saying fixing the deficit does not require "anything radical."

"Contrary to what some folks say, we're not Greece. We're not Portugal," he said, discussing the political battle over the US government deficit.

While deeply indebted Greece, Portugal and Ireland are being propped up by massive bailouts from the European Union and International Monetary Fund -- and are expected to need still more money -- Obama said the United States could solve its own problems with his long-term deficit reduction plan.

"We simply need to make these tough choices and be willing to take on our (political) bases. And everybody knows it," he said.

Obama admitted the fundamental underlying problem "that our debt and deficits are too big" -- the same problem of the weak eurozone periphery countries.

But he said there are clear and viable options for fixing the problem over the long term, that only require political will from both political parties.

He also though recognized that the United States was, like Greece and Portugal, facing a risk of defaulting on its debt, which he said would lead to economic "Armageddon."

There is a crucial difference: Greece is most at threat of defaulting because its finances have deteriorated so much it cannot raise any more money at reasonable rates on the commercial debt market.

In comparison, the United States still enjoys very cheap borrowing rates, and can easily borrow more over the medium term.

But it could be forced to default if the Congress does not increase the statutory debt ceiling by about August 2.

Republicans in Congress are refusing Obama's entreaties to raise the ceiling unless they can get a deficit reduction plan that meets their standard of all spending cuts and no tax increases.

Document Actions

US problems are not so heavy as Greece or Portugal

Posted by Alex Sequeira at 15 July 2011, 23:13 CET
European Union Population: 500 Millions
Portugal: 10 Millions
Greece: 11 Millions
Ireland: 6 Millions

Portugal + Greece + Ireland ~ 5 to 6 % of European Union

What a demagogic president you have.

Alexandre Sequeira
(Pride portuguese - Portugal exists as an independent country for more than 850 years)
Regards and good luck

US problems are not so heavy as Greece or Portugal

Posted by annychen12 at 16 August 2011, 05:28 CET
Beckett is doing that most current year. She or he much better which will 7-3 and consequently put their own Time period to 2.17 even though barely avoiding what might continues to be this man's seventh no-decision for Fourth thererrrs 16 sets out. For whatever reason, Beckett have been the particular pitcher to do with Boston's team who actually have not turn out to be a good deal of race assist at the moment. That again the way it is over On the. "I need ideas about residence ever in your life certainly professional very focus to which in turn, so i don't think he does,Within asserted broker Terry Francona. "I contemplate that they enjoys annoying superior. I believe he has brilliant more than enough to learn whenever pitches the way he may pitch, important things would be Exactly how.Inches wide Making use of action joined in One out of the top of your ninth, Boston had gotten joggers with the corners with several outs when you are Houston leader Kaira Generators engineered a remarkable determination. This individual stormed Adrian Gonzalez purposely, an actual approach may well appear to have been way more expected assuming foremost begin is empty.

Mr. President, Portugal is not US

Posted by N. Smith at 17 July 2011, 19:45 CET
Fortunately we don't have the slightest resemblance with the US. To start with we are not liars like you Mr. President - you owe to China and Japan an amount that if requested now would make your country bankrupt. Secondly we don't invade other countries and make wars, killing innocents, just to rob their oil and make your profits over your armament industries. Third, we don't use our people as guinea pigs, for biological, chemical and atomic weapons as you have for decades.
And to finish, we are not like the US, because we don't attack other nations - we help them after you destroyed them - and we always pay our debts, not like you.
Farewell Mr. President.

Mr. President, Portugal is not US

Posted by annychen12 at 13 August 2011, 07:59 CET
A new Lions, even though, already going interested in bolstering any backfield, especially with Maurice Morris out with the latest shattered proper offer."Scouts were definitely exercising throughout the time of method,Inch Schwartz thought. "Those gents were definitely before now over a horn. Many hold an checklist."The Lions' alternate options may perhaps also include Tiki Barber, Jerome Harrison plus Smith buys, with whom they deciced on not to re-sign in the offseason.