Obama urges end to self-inflicted fiscal pain

Obama urges end to self-inflicted fiscal pain
# 20 November 2013 00:56 (UTC +04:00)

Baku-APA. U.S. President Barack Obama on Tuesday called for bipartisan efforts to put an end to causing self-inflicted fiscal pain on the nation like the government shutdown happening last month, APA reports quoting local media.

The government's budget deficit is declining, and the United States should increase investment in key areas including infrastructure and research to improve its business environment and bolster economic growth, Obama said at the Wall Street Journal 's CEO Council annual meeting held in Washington D.C..

The nation should deal with its fiscal problem "in a sensible way" and Republicans should not hold the national and global economy hostage due to policy differences, Obama said.

After the 16-day partial federal government shutdown starting Oct. 1, Democrats and Republicans inked a short-term deal to fund the government through Jan. 15 and lift the government's debt limit through Feb. 7.

Both parties can bridge their differences and work on U.S. corporate tax reform to lower tax rates, broaden the tax base and reduce loopholes, he suggested.

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