U.S. President Barack Obama said on Saturday that Republicans and Democrats will be able to find a way to cut the nation's growing budget deficit, arguing that no program can be considered off limits in the process. “I am confident that the Democrats and Republicans in Congress can find a way to make some hard choices and [work together] to get this done for the sake of our country,” Obama said in his weekly radio address. However, Obama said the country's deficit can be cut while making investments in education, research, and technology that create jobs. “It means we will have to make tough decisions and scale back worthy programs,” Obama said. “And nothing can be off limits, including spending in the tax code, particularly the loopholes that benefit very few individuals and corporations.” The comments came after crucial high-level talks on raising the U.S. borrowing limit collapsed last week after Republicans accused the White House of provoking an impasse with demands to raise spending and taxes. The move raised fear that Congress will fail to raise the $14.29 trillion debt ceiling by an August 2 deadline and cause the United States to default on its obligations, potentially affecting the global economy. Republicans will only support raising the borrowing limit in return for steep cuts in the annual deficit set to hit $1.6 trillion this year. Obama, who has been working to resume talks, said government has to start living within its means. “We have to cut the spending we cannot afford so we can put the economy [at ease], and give our business the confidence they need to grow and create jobs,” he said.
