–President Obama Calls For Quick Passage of Payroll Tax Cut Extension
–Obama: Still Wants To Link Entitlement Reforms With Tax Overhaul
–House Speaker Boehner Says Obama Offered No New Ideas
–Top Republican on Senate Finance Panel: ‘Disappointed’ In Obama Talk
–House Budget Committee Chairman Calls Speech ‘Missed Opportunity’

By John Shaw

WASHINGTON (MNI) – Congress reacted to President Obama’s State of
the Union address in predictable partisan fashion Tuesday night, with
Republicans saying the president offered nothing new to spur the U.S.
economy or cut the deficit while Democrats said Obama outlined a
compelling vision of a more fair America.

In his speech, Obama called for a broad national renewal built on
bipartisan cooperation.

Obama said relatively little about fiscal policy. He said the
nation’s “most immediate priority” is reaching an agreement to extend
the payroll tax cut which expires at the end of February.

“There are plenty of ways to get this done. So let’s agree here,
right now: No side issues. No drama. Pass the payroll tax cut without
delay,” Obama said.

The president said he is still willing to negotiate a large budget
deal with congressional Republicans. “I’m prepared to make more reforms
that rein in the long term costs of Medicare and Medicaid and strengthen
Social Security, as long as those programs remain a guarantee of
security for seniors,” he said.

But he added that this agreement would also require major changes
in tax policy, including higher taxes on the wealthy.

House Speaker John Boehner said Obama ignored that “his own failed
policies are making our economy worse.”

Boehner said he “heard little tonight in the way of new ideas or a
plan to rein in government barriers that are hurting private sector job
growth.”

House Budget Committee Chairman Paul Ryan said the president
“missed an opportunity to lead” the nation by declining to address
serious challenges.

Obama, he said, “offered more empty promises and recycled the same
failed policies.”

Sen. Orrin Hatch, the ranking Republican on the Senate Finance
Committee said the speech was a “profound disappointment,” charging
“we’ve heard this speech and these empty promises before.”

House Minority Whip Steny Hoyer praised the president for a speech
that tried to unify the nation. He said the address was “forward
looking” and hopeful.

Senate Education Committee Chairman Tom Harkin also said the
president’s address was positive and offered policies that would “make
America strong for decades to come.”

Obama will release his fiscal year 2013 budget on Feb. 13.

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

[TOPICS: M$U$$$,MFU$$$,MCU$$$]