US President Barack Obama delivers remarks on his administration's 2013 budget at Northern Virginia Community College in Annandale, Virginia, Feb 13, 2012. [Photo: Agencies]
U.S. President Barack Obama on Monday stressed that cutting the government's deficit should not hamper investment on key areas that were critical to the nation's sustainable growth.
Speaking at Northern Virginia Community College in Virginia after the White House unveiled its 2013 fiscal year budget proposal, Obama said that the United States needed to invest in sectors that would help grow the economy.
Obama on Monday announced a new 8-billion-dollar job training initiative to help train two million qualified workers for good- paying jobs, part of his new budget proposal.
Obama noted the administration sought to cut the deficit by 4 trillion dollars over the next decade in a bid to put the nation on a course to a level of deficits below 3 percent of gross domestic product (GDP) by the end of the decade.
"By reducing our deficit in the long term, what that allows us to do is to invest in the things that will help grow our economy right now. We can't cut back on those things that are important for us to grow. We can't just cut our way into growth," he added.
The White House proposed a 3.8-trillion-dollar spending in the 2013 fiscal year including outlays on infrastructure, education, job training and research.
The White House projected that the U.S. federal government's budget deficit will reach 1.33 trillion dollars in the 2012 fiscal year ending September 2012 before declining to 901 billion dollars in the 2013 fiscal year.
The nation should work on an economy that was built to last and everyone should get a fair shot, noted Obama, adding that "the budget that we're releasing today is a reflection of shared responsibility".
"We're still recovering from one of the worst economic crises in three generations. We've got a long way to go before everybody who wants a good job can find one," Obama cautioned.