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Obama warns of mysterious rising debt
 "We are on a path and a process where I would anticipate that Guantanamo will be closed next year," he said. "I'm not going to set an exact date because a lot of this is also going to depend upon cooperation from Congress."Economic issues, however, were on the front-burner in China, which is the United States' biggest government lender. The president is in Beijing as part of his tour through several Asian countries to address economic challenges. He spoke candidly about the precarious balancing act his administration is trying to perform. He wants to spend money to kick-start the economy, but at the same time is in danger of creating too much red ink. Obama warned the United States' climbing national debt could drag the country into a "double-dip recession," though he said he's still considering additional tax incentives for businesses to reverse the rising unemployment rate. "There may be some tax provisions that can encourage businesses to hire sooner rather than sitting on the sidelines. So we're taking a look at those," Obama told Fox News' Major Garrett. "I think it is important, though, to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession." And the president said that despite the federal government's massive stake in General Motors, his administration will not weigh in on the possibility that GM could direct bailout funds toward its European Opel unit. "We are not going to meddle in GM's decisions," Obama said. "We are a shareholder but we are not an active shareholder. We have specifically said that we are not in the business of running a car company. We're not getting involved in day-to-day management." He said the Detroit automaker owes the U.S. government money, but that "we want to get out of that business as soon as possible" and encourage repayment. Posted by: GolfBravoUSMC 2009-11-18 |
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