The U.S. President Barack Obama said the United States are obliged to future generations to deal with large budget deficits. Before the bipartisan commission on federal debt, which now meets for first time since its creation, Obama urged Democrats and Republicans to work together to take financial responsibility in connection with huge debt. “We have a duty to future generations to deal with long-term structural deficits that threaten to hamper our economy and leave our children and grandchildren with an enormous mountain of debt,” Obama said. U.S. President 18-nation called the National Commission for financial responsibility to develop government programs to reduce costs and the deficit. Commission must submit recommendations by 1 December to reduce the deficit, which in 2009 amounted to 1.4 trillion dollars, roughly 10% of the total economy.
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