US in 'fight for future' with India, China: Obama

Slamming Republicans for their two-point economic plan which would cut spending on education, President Barack Obama has said the US is in 'a fight for future' with countries like India and China which are not slashing their budget in the key sector detrimental to shaping lives of millions of students.

"Think about it. China isn't slashing education (budget) by 20 per cent right now. India is not slashing education by 20 per cent.

"We are in a fight for the future -- a fight that depends on education," Obama said at a White House Summit on Community Colleges.

"Cutting aid for 8 million students, or scaling back our commitment to community colleges, that's like unilaterally disarming our troops right as they head to the frontlines," he said.

Obama said he strongly disagrees with the economic plan that was released last week by the Republican leaders in Congress, which would actually cut education spendings by 20 per cent as well as affect the healthcare sector budget. Republicans' two-point plan is aimed at creating jobs which would freeze tax rates at current rates and cut spending.

"It would reduce or eliminate financial aid for 8 million college students. And it would leave community colleges without the resources they need to meet the goals we've talked about today," Obama argued.

"Instead, this money would help pay for a $700 billion tax cut that only 2 per cent of the wealthiest Americans would ever see -- an average of $100,000 for every millionaire and billionaire in the country.

"And that just doesn't make sense -- not for students, not for our economy," he observed. "We can't accept less investment in our young people if our country is going to move forward.

"It would mean giving up on the promise of so many people who might not be able to pursue an education, like the millions of students at community colleges across this country," Obama said.

The US President also announced that the Gates Foundation is starting a new five-year initiative to raise community college graduation rates.

"This is critically important because more than half of those who enter community colleges fail to either earn a two-year degree or transfer to earn a four-year degree. So we want to thank Melinda Gates for that terrific contribution," he said.

Image: Barack Obama