Obama's Weekly Address: Cut the Deficit; Invest in the Future

Official White House Phot by Pete Souza(WASHINGTON) -- In the president's weekly address, he says that his focus since taking office has been to continue the belief that ordinary Americans can get ahead with hard work.  But with Americans worried about layoffs and the financial impact of a recession, President Obama says he is "working hard to reduce our nation's deficit" -- excessive spending, in particular.

Obama says that even though both democrat and republican negotiators have found $1 trillion in spending cuts, they still have to cut more and that needs to include “tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners, or for oil and gas companies pulling in huge profits.”
 
“Nothing can be off limits,” he says, “including spending in the tax code, particularly the loopholes that benefit very few individuals and corporations.”

President Obama says that while we must cut the deficit, it can be done while investing in education, research and technology that will help to create jobs.

"We can live within our means while still investing in our future," he says.
 
But the president says that he is still “confident that the Democrats and Republicans in Congress can find a way to give some ground, make some hard choices, and put their shoulders to wheel to get this done for the sake of our country.”

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