brings up the question of the debt. and the deficit, as well. because, you are talking about a tremendous amount of spending, exactly what the president is about to talk about, we got the two minute warning, just shy of that and thanks for being with us and we ll send it over to president obama at the white house. president barack obama:. challenges. one was a financial crisis brought on by reckless speculation that threatened to choke off all lending and it helped to spark the deepest recession since the great depression from which we are still recovering. that recession helped to aggravate and all ready severe fiscal crisis brought on by years of bad habits in washington. the economic crisis required the government to make immediate emergency investments, that added to our accumulated debt. critical investments that have helped to break the backs of the recession and lay the groundwork for growth and job creation. but, now, with so many americans still out of work, the task of
that is why, last week i signed into law the paygo bill. it says, simply, the united states of america should pay as we go and live within our means again. like responsible families and businesses do. this law is what helped to get deficits under control in the 1990s and produced surpluses by the end of the decade, and, it was suspended in the last decade, during that period well, saw deficits explode again. by reinstituting it, we are taking an important step towards addressing the deficit problem, in this decade, and in decades to come. that is also why, after taking steps to cut taxes, and increase access to credit, for small businesses to jump start job creation this year, i ve called for a three-year freeze on discretionary spending, starting next year. this freeze won t affect medicare, medicaid or social security spending. and it won t affect national security spending including veterans benefits. but, all other discretionary
of the same people that the fingers get pointed at for jacking up the deficit to begin with, the financial sector, was the first group that was named for reckless spending, and for the from the financial sector and talked about the corporate loopholes that allow oil comes to, you know, not pay the taxes i guess that the president believes they should pay, and also said those who preach fiscal discipline which usually comes from the conservative side of the fence, that they need to sort of put their money where their mouth is. what did you think of that. he ll applaud the intent and certainly can support the two people he chose to lead this but i remain really skeptical of this. first of all, i think that congress, itself, has this responsibility, to deal with the budget and i don t understand why we have to create a special commission for this work. i think that the other thing they are missing is that the american people want to talk about spending. and that has to be a part of th
that lawmakers were spending like duncan sailors in this found for years, and we re not all paying the price. but this was the reaction in part from house speaker boehner. i ll put it up on the screen. he talked about deck raids of reckless spending cannot be reversed immediately, especially when the democrats who run washington remain unwilling to make the tough choices required to put america on solid ground. the administration and democrats in congress had sought an increase in the debt limit without spending cuts for reforms. republicans made clear to the american people would not tolerate that and fought for the largest spending cut possible. do you not see the downgrade as something akin to war that should galvanize political leadership on both sides of the aisle rather than politicizing it? i do. i believe this special committee or select committee will have added incentive without the president s input. this is strictly congressional committee that will address these issues.