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"If we want to put people back to work and close this deficit and invest in our future, then the money has got to come from somewhere," Mr. Obama added.
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He said: "So as we look to close the deficit, this agreement is a reminder of why it's so important that we have a balanced approach.
In 2010 Mr Osborne vowed virtually to close the deficit by the end of this parliament; he will come nowhere close.
"I've worked for two years to close deficits, $10 billion deficits, which was all the money in the world," the governor said at an afternoon news conference.
"Ed Miliband promised a plan to close the deficit.
But everyone also knows that we'll need to do more to close the deficit.
Tapping the rich to close the deficit is "not class warfare", argues Mr Obama.
That means more spending cuts would be necessary to close the deficit.
Hoping to close the deficit gap, Mr Corzine has already cut $2.5 billion in spending.
At the same time, neither is able to say how otherwise he would close the deficit.
But none of the $735 million would go to close the deficit.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com