WASHINGTON (MNI) – President Barack Obama said Wednesday that while
he is pleased Congress passed a temporary measure to fund the government
for two weeks, Republicans and Democrats must work together to pass the
2011 fiscal year budget and avert any further threats of a government
shutdown and cut spending without jeopardizing the recovery.

“I’m pleased that Democrats and Republicans in Congress came
together and passed a plan that will cut spending and keep the
government running for the next two weeks. But we cannot keep doing
business this way,” Obama said in a statement.

“Living with the threat of a shutdown every few weeks is not
responsible, and it puts our economic progress in jeopardy,” he said,
shortly after the Senate passed a stop-gap funding measure, which the
House approved Tuesday, and that cuts spending by $4 billion below
current levels.

Obama called on Democratic and Republican leaders in Congress “to
begin meeting immediately with the Vice President, my Chief of Staff,
and Budget Director so we can find common ground on a budget that makes
sure we are living within our means.”

He stressed that “This agreement should cut spending and reduce
deficits without damaging economic growth or gutting investments in
education, research and development that will create jobs and secure our
future.”

And, he said, “This agreement should be bipartisan, it should be
free of any partys social or political agenda, and it should be reached
without delay.”

The two-week funding bill will keep the federal government running
until March 18. The current stop-gap measure expires Friday. The 2011
fiscal year began on Oct. 1 and the government has run on a series of
short-term funding bills.

Prior to the Senate vote, Senate Majority Leader Reid said he hopes
Congress and the White House can now focus on completing action on the
2011 fiscal year budget.

“I hope they don’t need a government shutdown to do what we need to
do for the country,” he said of the House GOP.

House Speaker John Boehner and Senate Minority Leader Mitch
McConnell will hold a briefing shortly to outline GOP views on coming
spending issues.

The House GOP supports cutting $61 billion in the rest of the FY11
budget from FY10 levels. Senate Democrats have said these cuts are too
deep.

** Market News International Washington Bureau: (202) 371-2121 **

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