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Quote of the Day: Barack Obama on the fiscal cliff deal

The US president on why the country must avoid excessive cuts.

Barack Obama leaves the Oval Office to board Marine One and return to his family holiday in Hawaii in the early morning hours of 2 January. Photograph: Getty Images.

We can't simply cut our way to prosperity...we're going to have to continue to move forward in deficit reduction, but we have to do it in a balanced way, making sure that we are growing even as we get a handle on our spending.

George Osborne could learn a thing or two from Barack Obama.