President Obama has made it no secret that he has concerns about the rising unemployment rates and the state of the economy. His worries about government finances and the need to address rising deficits were things that kept him up at night.
In related television interviews, the President did not flinch on his support of increased government spending as a means to regulate the severity of the recession. He also noted figures about the potential for unemployment rates to hit 10% this year, a level not witnessed since 1983.
In an interview with CNBC, Obama said, “There’s no doubt that we’ve got a serious problem in terms of our long-term deficits and debt.”
He added, “I make no apologies for having acted short term to deal with our recession.”
Obama went on to say that the once the recession draws to a close, the focus would have to be on filling in the gap that exists between ingoing and outgoing capital.
According to the findings of the Congressional Budget Office, the federal deficit would reach $1.43 trillion in the 2018 fiscal year under President Obama’s budget plan. This revised figure represented a slightly higher total than the previous one.
On a brighter note, the President did mentioned that overall pace of job losses was slowing and the economy would definitely turn around, but the rate of unemployment was sure to increase from its current level of 9.4%.
“You’re starting to see the engines of the economy turn,” Obama said on Bloomberg Television. “It’s going to take a long time. We had a huge deleveraging that took place, but I’m confident that if we take the steps that are necessary on healthcare, on energy, on education. If we get a strong financial regulatory system in place so people have confidence in the markets again, that we will end up seeing a recovery shortly.”
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