let s cut domestic spending to the lowest level since dwight eisenhower was president. let s cut defense spending at the pentagon by hundreds of billions of dollars. let s cut out waste, fraud and health care programs like medicare. at the same time let s make modest adjustments so medicare still there for future generations. finally, let s ask the wealthiest americans and biggest corporations to give up some of their breaks in the tax code and special deductions. this balanced approach asks everyone to give a little, without requiring anyone to sacrifice too much. it would reduce the deficit by around four trillion . and put us on a path to pay down our debt. the cuts wouldn t happen so abrupt did they would be a drag on our economy or prevent us from helping small businesses and middle class famies get back on their feet right now. this is approach is also bipartisan. while many in my party aren t
feet right now. this is approach is also bipartisan. while many in my party aren t happy with the painful cuts it makes, enough will be willing to accept them if the burden is fairly shared. while republicans might like to see deeper cuts and no revenue at all, there are many in the senate who have said, yes, i m willing to put politics aside and consider this approach, because i care about solving the problem. and to his credit, this is the kind of approach the republican speaker of the house john boehner, was working on, with me, over the last several weeks. the only reason this balanced approach isn t on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach. a cuts-only approach. an approach that doesn t ask the wealthiest americans or biggest corporations to contribute anything at all. and because nothing is asked of those at the top of the
the country will not have enough money to pay all of its bills. tough decision also have to be made. the stakes right now are enormous. the president will lay out his case within a minute or so. two minutes after the president features finishes what s expected to be about a 15-minute speech to the nation, two minutes after that, we ll hear a separate speech from the house speakeren. boehner. he s up on capitol hill. he ll make his case why the president right now is wrong. why the republicans are right. both of them presumably will say the stakes for the united states are enormous right now and the country must do everything possible. everything possible to avoid default. they ve been negotiating publicly and privately now for weeks and weeks and weeks. and unfortunately, for the country and indeed, for much of the world, unfortunately, the negotiations collapsed over the past few days. still possible, they might be able to work out a deal. the stakes are enormous and you
two minutes after the president features finishes what s expected to be about a 15-minute speech to the nation, two minutes after that, we ll hear a separate speech from the house speaker boehner. he s up on capitol hill. he ll make his case why the president right now is wrong. why the republicans are right. both of them presumably will say the stakes for the united states are enormous right now and the country must do everything possible. everything possible to avoid default. they ve been negotiating publicly and privately now for weeks and weeks and weeks. and unfortunately, for the country and indeed, for much of the world, unfortunately, the negotiations collapsed over the past few days. still possible, they might be able to work out a deal. the stakes are enormous and you see the president walking up to the microphone. let s listen. good evening. the debate that directly affects the lives of all americans. for the last decade, we spent more money than we take in. an
let s cut domestic spending to the lowest level since dwight eisenhower was president. let s cut defense spending at the pentagon by hundreds of billions of dollars. let s cut out waste, fraud and health care programs like medicare. at the same time let s make modest adjustments so medicare still there for future generations. finally, let s ask the wealthiest americans and biggest corporations to give up some of their breaks in the tax code and special deductions. this balanced approach asks everyone to give a little, without requiring anyone to sacrifice too much. it would reduce the deficit by around four trillion . and put us on a path to pay down our debt. the cuts wouldn t happen so abrupt did they would be a drag on our economy or prevent us from helping small businesses and middle class families get back on their feet right now. this is approach is also bipartisan. while many in my party aren t