President Obama Weekly Address: Reigning in Budget Deficits

WASHINGTON – In his weekly address, President Barack Obama promised to rein the deficit, citing three specific steps to this end. He praised the Senate for restoring the pay-as-you-go law, which in the 1990’s contributed to the $236 billion surplus at the end of the decade. It is no coincidence that after ending PAYGO, that surplus became a $1.3 trillion deficit. He has also proposed a freeze in discretionary spending, which will increase investments in jobs creation and middle class tax cuts while cutting spending for redundant or ineffective programs. And finally, the President called for a bi-partisan Fiscal Commission to hammer out concrete deficit reduction proposals.
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	President Obama Weekly Address: Reigning in Budget Deficits TRANSCRIPT 01/30/2010 (PDF 18.3Kb)

Source(s): The White House • White House YouTube Channel