Quantcast

Transcript: Obama's remarks on the debt ceiling deal - WCAX.COM Local Vermont News, Weather and Sports-

Transcript: Obama's remarks on the debt ceiling deal

Updated: Aug 1, 2011 10:02 AM EDT
©WhiteHouse.gov ©WhiteHouse.gov

As released by The White House:

8:40 P.M. EDT

THE PRESIDENT: Good evening. There are still some very important votes to be taken by members of Congress, but I want to announce that the leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default -- a default that would have had a devastating effect on our economy.

The first part of this agreement will cut about $1 trillion in spending over the next 10 years -- cuts that both parties had agreed to early on in this process. The result would be the lowest level of annual domestic spending since Dwight Eisenhower was President -- but at a level that still allows us to make job-creating investments in things like education and research. We also made sure that these cuts wouldn't happen so abruptly that they'd be a drag on a fragile economy.

Now, I've said from the beginning that the ultimate solution to our deficit problem must be balanced. Despite what some Republicans have argued, I believe that we have to ask the wealthiest Americans and biggest corporations to pay their fair share by giving up tax breaks and special deductions. Despite what some in my own party have argued, I believe that we need to make some modest adjustments to programs like Medicare to ensure that they're still around for future generations.

That's why the second part of this agreement is so important. It establishes a bipartisan committee of Congress to report back by November with a proposal to further reduce the deficit, which will then be put before the entire Congress for an up or down vote. In this stage, everything will be on the table. To hold us all accountable for making these reforms, tough cuts that both parties would find objectionable would automatically go into effect if we don't act. And over the next few months, I'll continue to make a detailed case to these lawmakers about why I believe a balanced approach is necessary to finish the job.

Now, is this the deal I would have preferred? No. I believe that we could have made the tough choices required -- on entitlement reform and tax reform -- right now, rather than through a special congressional committee process. But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year.

Most importantly, it will allow us to avoid default and end the crisis that Washington imposed on the rest of America. It ensures also that we will not face this same kind of crisis again in six months, or eight months, or 12 months. And it will begin to lift the cloud of debt and the cloud of uncertainty that hangs over our economy.

Now, this process has been messy; it's taken far too long. I've been concerned about the impact that it has had on business confidence and consumer confidence and the economy as a whole over the last month. Nevertheless, ultimately, the leaders of both parties have found their way toward compromise. And I want to thank them for that.

Most of all, I want to thank the American people. It's been your voices -- your letters, your emails, your tweets, your phone calls -- that have compelled Washington to act in the final days. And the American people's voice is a very, very powerful thing.

We're not done yet. I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days. It will allow us to avoid default. It will allow us to pay our bills. It will allow us to start reducing our deficit in a responsible way. And it will allow us to turn to the very important business of doing everything we can to create jobs, boost wages, and grow this economy faster than it's currently growing.

That's what the American people sent us here to do, and that's what we should be devoting all of our time to accomplishing in the months ahead.

Thank you very much, everybody.

END 8:44 P.M. EDT

INFORMATIONAL DISCLAIMER The information contained on or provided through this site is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional financial or accounting advice. Always seek the advice of your accountant or other qualified personal finance advisor for answers to any related questions you may have. Use of this site and any information contained on or provided through this site is at your own risk and any information contained on or provided through this site is provided on an "as is" basis without any representations or warranties.
  • Local NewsMore>>

  • Child car seats in the spotlight

    Child car seats in the spotlight

    Monday, September 15 2014 6:59 PM EDT2014-09-15 22:59:59 GMT
    Car crashes are the number one cause of death for children in the United States, which is why making sure children are buckled up correctly is so important -- unfortunately most are not.
    Car crashes are the number one cause of death for children in the United States, which is why making sure children are buckled up correctly is so important -- unfortunately most are not.
  • Franklin County residents focus on lake pollution

    Franklin County residents focus on lake pollution

    Monday, September 15 2014 6:48 PM EDT2014-09-15 22:48:35 GMT
    A proposal to save Lake Champlain's water quality was dead on arrival last February in the state legislature, but residents in Franklin County are renewing their push for legislation to improve the water.
    A proposal to save Lake Champlain's water quality was dead on arrival last February in the state legislature, but residents in Franklin County are renewing their push for legislation to improve the water.
  • Emily Peyton and Dan Feliciano add voices to the debate

    Emily Peyton and Dan Feliciano add voices to the debate

    Monday, September 15 2014 5:29 PM EDT2014-09-15 21:29:49 GMT

    Two other gubernatorial candidates shared the gazebo with Scott Milne and Gov. Peter Shumlin for Saturday's debate.

    Two other gubernatorial candidates shared the gazebo with Scott Milne and Gov. Peter Shumlin for Saturday's debate.

  • FAHC: The wrong bill is in the mail

    FAHC: The wrong bill is in the mail

    Monday, September 15 2014 4:51 PM EDT2014-09-15 20:51:03 GMT
    The medical center confirms that 3,800 people with last names that start with the letters L through Q, errantly received old bills Monday.
    The medical center confirms that 3,800 people with last names that start with the letters L through Q, errantly received old bills Monday.
  • Sterling College launches $2M fundraising challenge

    Sterling College launches $2M fundraising challenge

    A tiny Vermont college that focuses on environmental stewardship is launching a $2 million fundraising challenge.
    A tiny Vermont college that focuses on environmental stewardship is launching a $2 million fundraising challenge.
  • Dump truck rolls over in Berkshire

    Dump truck rolls over in Berkshire

    Monday, September 15 2014 6:06 PM EDT2014-09-15 22:06:37 GMT
    There was a mess in Berkshire Monday when a dump truck rolled over.
    There was a mess in Berkshire Monday when a dump truck rolled over.
  • 25 fastest growing Vermont businesses honored in South Burlington

    25 fastest growing Vermont businesses honored in South Burlington

    Monday, September 15 2014 11:35 PM EDT2014-09-16 03:35:13 GMT
    From world renowned cheese and maple syrup to companies that run entirely on renewable resources Vermont businesses of all kinds continue to flourish. And there are 25 in particular that are amongst the fastest growing businesses in the state.
    From world renowned cheese and maple syrup to companies that run entirely on renewable resources Vermont businesses of all kinds continue to flourish. And there are 25 in particular that are amongst the fastest growing businesses in the state.
  • Fall hearing could determine fate of Vt. GMO labeling law

    Fall hearing could determine fate of Vt. GMO labeling law

    Monday, September 15 2014 6:51 PM EDT2014-09-15 22:51:09 GMT
    A fall hearing could provide the first clue to the fate of the state's recently-passed GMO labeling law. A group of food producers is suing Vermont over the mandated labeling of some products made with genetically engineered crops by 2016. The legal process is expected to take years, but experts say the first ruling could mirror the final ruling.
    A fall hearing could provide the first clue to the fate of the state's recently-passed GMO labeling law. A group of food producers is suing Vermont over the mandated labeling of some products made with genetically engineered crops by 2016. The legal process is expected to take years, but experts say the first ruling could mirror the final ruling.
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WCAX. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.