Obama says budget offers fiscally responsible path, urges compromise

WASHINGTON (Reuters) - President Barack Obama said on Wednesday his budget proposal offers a fiscally responsible path to deficit reduction and job creation and called for Republican lawmakers to compromise with him.

In remarks in the White House Rose Garden, Obama said he believed he had already met Republicans more than halfway in their demands for cutting annual U.S. deficits and said an overhaul of the U.S. tax system is now needed.

Obama said his budget would raise revenue by eliminating some tax loopholes enjoyed mostly by the wealthy, proposals that Republicans oppose.

"If you're serious about deficit reduction, then there's no excuse to keep these loopholes open," he said.

(Reporting by Roberta Rampton and Steve Holland; Editing by James Dalgleish)

Source: http://news.yahoo.com/obama-says-budget-offers-fiscally-responsible-path-urges-152111368--business.html

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