Sunday, April 17, 2011

President Barack Obama on Restoring Fiscal Responsibility and Reduce the US Deficit

Weekly Address: “We Can Live Within Our Means and Live Up to the Values We Share as Americans”

In his weekly address, President Barack Obama said that to restore fiscal responsibility, we all need to share in the sacrifice – but we don’t have to sacrifice the America we believe in. Earlier this week, the President proposed a balanced approach to cut the deficit, which matches the $4 trillion in deficit reduction put forward by House Republicans’ plan. The President’s proposal does this by combing the entire budget for savings and asking everyone to do their part. The Republican plan, though, would end Medicare as we know it and make drastic cuts to education, infrastructure and clean energy, while giving away $1 trillion in tax breaks to the wealthiest two percent.


That’s why I’ve proposed a balanced approach that matches that $4 trillion in deficit reduction. It’s an approach that combs the entire budget for savings, and asks everyone to do their part. And I’ve called on Democrats and Republicans to join me in this effort – to put aside their differences to help America meet this challenge. That’s how we’ve balanced our budget before, and it’s how we’ll succeed again.

We’ll build on the savings we made from last week’s bipartisan budget agreement, while protecting the job-creating investments that are critical to our future.

We’ll find additional savings in our defense budget. Over the last two years, the Secretary of Defense has taken on wasteful spending that does nothing to protect our troops or our nation, saving $400 billion in current and future spending. I believe we can do that again.

We’ll reduce health care spending, and strengthen Medicare and Medicaid through common-sense reforms that will get rid of wasteful subsidies and increase efficiency.

We’ll reduce spending in our tax code with tax reform that’s fair and simple – so that the amount of taxes you pay doesn’t depend on how clever an accountant you can afford. And we should end the tax cuts for the wealthiest Americans, too. Because people like me don’t need another tax cut.
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