Obama: 'Obsession with Cutting' Hurting Economy

President Barack Obama told a school in Brooklyn that the "obsession with cutting" spending is to blame for the moribund U.S. economy.

"Don't tell me we can afford to shut down the government, which costs our government billions of dollars, but we can't afford to invest in our kids," said Obama. "This obsession with cutting for the sake of cutting hasn't helped our economy grow, it's held us back." 

While speaking at the Pathways in Technology Early College High School in Brooklyn, Obama told the audience that he, too, had once lived in Brooklyn.

"Brooklyn is blowing up right now. When I was living here, Brooklyn was cool, but not this cool," said the president.

Obama said America should redesign its high schools to compete in today's high-tech economy.

"If you think education is expensive, wait until you see how much ignorance costs," said Obama.

Following his speech, Obama attended a Manhattan fundraiser.

The U.S. hits the debt ceiling again on Feb. 7.


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