Nov. 19 (Bloomberg) -- President Barack Obama said the Asia-Pacific trip he wrapped up yesterday in Bali will help expand foreign markets and boost U.S. job creation. The U.S. is on track to double exports by 2014, he said.
“As the fastest-growing region in the world, no market is more important to our economic future than the Asia Pacific, a region where our exports already support 5 million American jobs,” Obama said from Indonesia, where he recorded his weekly radio and Internet address yesterday before boarding Air Force One to return to Washington.
Obama highlighted the announcement, at an Asian leaders’ summit in Indonesia, of trade deals he said could support nearly 130,000 U.S. jobs. These include a plan for Boeing Co. to sell planes to Indonesia. He said the Asia-Pacific Economic Cooperation summit he hosted Nov. 12-13 in Honolulu will “make it easier for American companies to do business overseas.”
“We can compete against anybody, and we can win,” Obama said. “As president, I intend to make sure that happens by doing everything I can to give American workers and businesses the chance to succeed.”
Senator Pat Toomey of Pennsylvania, in the Republican radio and Internet response, said he is “hopeful” the so-called congressional supercommittee will meet a Nov. 23 deadline to present an agreement to trim at least $1.2 trillion from the U.S. deficit over the next decade.
Toomey, one of three Senate Republicans on the supercommittee, called on Democrats to support Republican proposals to overhaul the U.S. tax code and cut federal spending by $750 billion over 10 years.
“The hour is late,” Toomey said. “By law, our work on this committee must be completed this coming week. But I remain hopeful that we can meet our goal and I urge my Democratic colleagues to join us in this effort.”
Failure by Congress to enact by year’s end a plan that would cut at least $1.2 trillion over the next decade would force that amount in automatic spending cuts beginning in 2013.
Toomey pointed to the European fiscal crisis and said Obama and congressional Democrats are putting the U.S. on the same path with too much spending and regulation. He said Republicans identified “several trillion dollars” in potential cuts and scaled back their plans because of “intense Democratic opposition.”
“We have what is truly a once-in-a-lifetime opportunity to pass legislation that will generate millions of jobs, create a simpler, fairer tax system with lower rates for everyone, and put our government on a path toward fiscal sanity,” Toomey said.
--Editors: Ann Hughey, Jim McDonald
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