Today, President Barack Obama gave a speech at the George Washington University and laid out his plan for a balanced approach to achieve $4 trillion in deficit reduction over twelve years, based on the values of shared responsibility and shared prosperity. The President Obama's approach borrows from the Bipartisan Fiscal Commission and builds on $1 trillion in deficit reductions in the President Obama's 2012 budget.
In his speech, the President Obama stressed the importance working together to reduce the deficit while continuing to make key investments in our future and protecting our core values as a nation:
But there’s always been another thread running through our history – a belief that we’re all connected, and that there are some things we can only do together, as a nation. We believe, in the words of our first Republican President, Abraham Lincoln, that through government, we should do together what we cannot do as well for ourselves.Watch President Obama's full speech: http://www.youtube.com/watch?v=xNDW6OHKqGQ
And so we’ve built a strong military to keep us secure, and public schools and universities to educate our citizens. We’ve laid down railroads and highways to facilitate travel and commerce. We’ve supported the work of scientists and researchers whose discoveries have saved lives, unleashed repeated technological revolutions, and led to countless new jobs and entire new industries. Each of us has benefited from these investments, and we’re a more prosperous country as a result.
Part of this American belief that we’re all connected also expresses itself in a conviction that each one of us deserves some basic measure of security and dignity. We recognize that no matter how responsibly we live our lives, hard times or bad luck, a crippling illness or a layoff may strike any one of us. “There but for the grace of God go I,” we say to ourselves. And so we contribute to programs like Medicare and Social Security, which guarantee us health care and a measure of basic income after a lifetime of hard work; unemployment insurance, which protects us against unexpected job loss; and Medicaid, which provides care for millions of seniors in nursing homes, poor children, those with disabilities. We’re a better country because of these commitments. I’ll go further. We would not be a great country without those commitments.
Learn more about President Obama's 2012 budget: http://www.whitehouse.gov/blog/2011/04/13/president-obama-s-framework-4-trillion-deficit-reduction