U.S. President Barack Obama delivers the State of the Union address to a joint session of Congress at the Capitol in Washington, D.C..
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The president has a plan to reduce the deficit by $1.5 trillion, and Obama will insist the changes happen in a "balanced way" which includes revenue increases, McDonough said on ABC's "This Week."
"This is not an ideological effort," McDonough said. "This should not be a social science experiment. This should be a question where we ask ourselves, what is most important to the economy? What is most important to the middle-class families of this country?"
The U.S. economy stalled during the last three months of 2012, marking the worst quarter since the recession ended three and a half years ago, as defense spending tumbled by the most since 1972. Without action by Congress, the federal government is poised next month to begin the first round of $1 trillion in budget cuts set to occur over the next nine years, adding another potential drag to the economy.
Source: Bloomberg | Jeff Plungis