September 7, 2012

Barack Obama officially accepted the Democratic Party’s nomination for a second term as president of the United States on September 6 in a speech arguing that the 2012 presidential election presents American voters with a “choice between two different paths for America.” President Obama received the nomination on September 5 during a roll-call vote of state delegates at the Democratic National Convention in Charlotte, North Carolina.

President Barack Obama accepted the Democratic Party's nomination for a second term as president on September 6. (The White House)

In his acceptance speech, President Obama sought to rally his supporters, saying, “If you turn away now, if you buy into the cynicism that the change we fought for isn’t possible, well, change will not happen. If you give up on the idea that your voice can make a difference, then other voices will fill the void.” He also addressed disappointment over the pace of the economic recovery.  “Our challenges can be met. The path we offer may be harder, but it leads to a better place. And I’m asking you to choose that future.” He argued that he had put in place the foundation for a revived economy but that more time was needed to address economic problems that had developed over several decades.

Political experts note that the president is faced with the political fight of his life against the Republican nominee, Mitt Romney. At the Republican National Convention in Tampa, Florida, on August 30, former Massachusetts Governor Romney contended that continuing high unemployment had led many Americans to give up on President Obama. He argued that the president had failed to create enough jobs, cut the deficit, or increase incomes.  In his acceptance speech, President Obama responded by linking Romney and his running mate, Paul D. Ryan, to what he described as the failed trickle-down economic policies that favor the rich, noting: “all they have to offer is the same prescription they’ve had for the last 30 years.”

Additional World Book articles:

• Economic Crisis: The Banking Meltdown (a special report)
• Economic Crisis: The Government Jumps In (a special report)
• Economic Crisis – Then and Now (a special report)

Nov. 22, 2011

Leaders of the bipartisan (of or supported by two political parties) Congressional committee charged with finding at least $1.2 trillion in reductions in the deficit (an excess of spending over income) conceded yesterday that the members have failed to come to an agreement. Talks among members of the so-called Supercommittee, which was created to find ways to lower the national debt, broke down over taxes. The Democrats demand income tax hikes on the wealthiest Americans. The Republicans refuse to raise taxes at any level while demanding cuts to such social programs as Social Security, Medicare, and Medicaid.

President Barack Obama promised to veto any legislation designed to avoid the automatic cuts that will be triggered by the failure of the Supercommittee to devise a plan to reduce the national deficit. The White House.

The committee’s failure triggers a series of automatic cuts, which go into effect in 2013. (Both the Congressional committee and the automatic cuts were crafted as part of legislation passed in August that raised the debt ceiling, that is, the level at which the government can continue to borrow money.) The automatic cuts will affect a broad range of military and domestic programs. Speaking soon after the Congressional announcement, President Barack Obama promised to veto any legislation designed to avoid the automatic cuts. “There will be no easy off-ramps on this one,” the president said. “The only way these spending cuts will not take place is if Congress gets back to work and agrees on a balanced plan to reduce the deficit by at least $1.2 trillion… They’ve still got a year to figure it out.”