Republicans call for less spending
A day after Republicans picked up at least 60 seats in the U.S. House of Representatives, the topic of government spending was front and center for Republican House leader John Boehner, according to Reuters.
“It’s pretty clear the American people want us to do something about cutting spending here in Washington and helping to create an environment where we’ll get jobs back,” Boehner told reporters.
Last year’s U.S. budget deficit was $1.29 trillion, according to Reuters. That’s equal to 8.9 percent of the gross domestic product.
House Republicans in September said their first step after gaining the majority would be to cut Washington spending to 2008 levels, which would achieve $100 billion in savings immediately.
Republicans have also been pushing for bigger tax cuts than President Barack Obama wants, which would add more to the federal debt than would Democratic tax-cut proposals.
Obama said on Wednesday that there is potential for compromise on the tax issue.
“How that negotiation works itself out, I think it’s too early to say,” he said at his news conference.