In this week’s address, President Obama spoke to the American people about reducing the nation’s deficit and creating jobs across the country. The President emphasized the need for Government to live within its means— just as families do—in order to put the nation on a fiscally sustainable path which is critical to long-term economic growth and job creation. To solve the deficit problem, Democrats and Republicans must make tough choices and look at every tax loophole and program for opportunities to save money. President Obama stressed the importance of trimming the budget while also making critical investments in education, research, and technology to spur job growth and invest in our future. As families and friends join together to celebrate Independence Day, the President reminded Americans that since our founding, we have overcome challenges by coming together to solve our nation’s problems.
The good news is, Democrats and Republicans agree on the need to solve the problem. And over the last few weeks, the Vice President and I have gotten both parties to identify more than $1 trillion in spending cuts. That’s trillion with a ‘t.’ But after a decade in which Washington ran up the country’s credit card, we’ve got to find more savings to get out of the red. That means looking at every program and tax break in the budget – every single one – to find places to cut waste and save money. It means we’ll have to make tough decisions and scale back worthy programs. And nothing can be off limits, including spending in the tax code, particularly the loopholes that benefit very few individuals and corporations.
Now, it would be nice if we could keep every tax break, but we can’t afford them. Because if we choose to keep those tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners, or for oil and gas companies pulling in huge profits without our help – then we’ll have to make even deeper cuts somewhere else. We’ve got to say to a student, ‘You don’t get a college scholarship.’ We have to say to a medical researcher, ‘You can’t do that cancer research.’ We might have to tell seniors, ‘You have to pay more for Medicare.’