Obama tackles deficit, debt ceiling in weekly address

For a decade, America has been spending more money than we?ve taken in.  For several decades, our debt has been rising.  And let?s be honest ? neither party in this town is blameless. Both have talked this problem to death without doing enough about it.  That?s what drives people nuts about Washington.  Too often, it?s a place more concerned with playing politics and serving special interests than resolving real problems or focusing on what you?re facing in your own lives.

Ten guesses what President Obama's weekly address was about this morning. Yup, the debt limit stalemate.

Lots of talk about "shared sacrifice" and "unpopular choices"?with cuts in domestic spending and the defense budget, and closing tax loopholes and eliminating tax breaks. And "reforming programs like Medicare" and "willingness to compromise."

Simply put, it will take a balanced approach, shared sacrifice, and a willingness to make unpopular choices on all our parts.  That means spending less on domestic programs.  It means spending less on defense programs.  It means reforming programs like Medicare to reduce costs and strengthen the program for future generations.  And it means taking on the tax code, and cutting out certain tax breaks and deductions for the wealthiest Americans.

Now, some of these things don?t make folks in my party too happy.  And I wouldn?t agree to some of these cuts if we were in a better fiscal situation, but we?re not.  That?s why I?m willing to compromise.  I?m willing to do what it takes to solve this problem, even if it?s not politically popular.  And I expect leaders in Congress to show that same willingness to compromise.

Although he emphasized throughout the closing of loopholes and elimination of tax breaks?and the necessity for the wealthy and corporations to pay their fair share?there was no mention of raising tax rates in the upper brackets at all. Obviously it would have been manna for progressives, but quickly pounced upon by the Republicans.

He reminded Americans of party cooperation in the past, particularly Tip O'Neill and Ronald Reagan, and voiced his belief that even in the current political environment, the parties will come together and act for the good of America.

The strongest part of his message is the same he's been delivering for the past few weeks:

We shouldn?t put the burden of deficit reduction on the backs of folks who?ve already borne the brunt of the recession.  It?s not reasonable and it?s not right.  If we?re going to ask seniors, or students, or middle-class Americans to sacrifice, then we have to ask corporations and the wealthiest Americans to share in that sacrifice.  We have to ask everyone to play their part.  Because we are all part of the same country.  We are all in this together.

The full transcript can be found beneath the fold and on the White House website.

Source: http://feeds.dailykos.com/~r/dailykos/index/~3/DX6HKnamAFo/-Obama-tackles-deficit,-debt-ceiling-in-weekly-address

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