Obama told: Cut spending to reduce the US deficit

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The majority of economists surveyed by the National Association for Business Economics believe the federal deficit should be reduced only or primarily through spending cuts.

The survey comes weeks after the President caved into Republican demands for spending cuts to end months of political deadlock over raising the US's $14.3 trillion debt ceiling.

Obama has committed to cut spending by more than $2 trillion over the next 10 years, but ratings agency Standard & Poor's nonetheless stripped the US of its gold-plated triple-A credit rating for the first time.

The survey found 56% of NABE members pushing for mainly tax cuts with 37% favouring spending cuts and tax increases.

Most economists had the Medicare and Medicaid budgets in their sights for savings.

Nearly half of respondents said US fiscal policy should be more restrictive, although in the opposing camp more than a third said the Government should do more to spur on the economy.