President Obama again spoke directly to the American people to let them know what he expects on the upcoming vote to raise the Debt Ceiling. Republicans, who approved massive spending under George Bush, are now willing to put the country into default, to now pay the bills incurred under their spending spree.
President Obama signaled his willingness to cut spending, if Republicans will agree to raising the tax rate on millionaires and billionaires.
To get there, I believe we need a balanced approach. We need to take on spending in domestic programs, in defense programs, in entitlement programs, and we need to take on spending in the tax code — spending on certain tax breaks and deductions for the wealthiest of Americans. This will require both parties to get out of our comfort zones, and both parties to agree on real compromise.
I’m ready to do that. I believe there are enough people in each party that are willing to do that. What I know is that we need to come together over the next two weeks to reach a deal that reduces the deficit and upholds the full faith and credit of the United States government and the credit of the American people.
President’s address below.