News Headline Summary

US President Obama says the US has seen signs of economic progress

Says:
- We 'cant just cut our way to prosperity'.
- Cuts to education, training, energy and national security would cost US jobs.
- In order to achieve full USD 4trln of deficit reduction, tax reforms must go hand in hand with modest reforms in cuts to social programs.
- Full budget may not be finished before March 1.
- Congress should pass smaller sequestration package.

Reaction details (19:26)

- No reaction seen across asset classes as nothing new was announced by the president and talks between Republicans and Democrats in the House and Senate continue.

Analysis details (19:25)

- President Obama offered little new insight into the situation in Congress, although the main point of note was that Congress should pass smaller sequestration package.

05 Feb 2013 - 19:18 - - Source: Newswires

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