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President Makes Statement on Passage of Debt Deal

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    Obama: Everyone has to chip in on debt reduction

  • Duration 8:17
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This transcript is automatically generated

Congress has now approved a compromise to reduce the deficit.

And avert a default that would have devastated our economy.

It was long and contentious debate and I want to thank the American people for keeping up the pressure on their elected officials.

To put politics aside and work together for the good of the country.

This compromise guarantees more than two trillion dollars in deficit reduction.

It's important first step to ensuring that as a nation we live within our means.

Yet it also allows us to keep making key investments in things like education and search that lead to new jobs.

In the -- that we're not cutting too abruptly.

While the economy is still fragile.

This is -- -- just the first step.

This compromise requires.

That both parties worked together on a larger plan to cut the deficit which.

Is important for the long term health of our economy.

And since you can't close.

The deficit would just spending cuts.

Will need a balanced approach where everything's on the tape.

Yes that means making some adjustments to protect health care programs like Medicare so they're there for future generations.

It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share.

And it means getting rid of taxpayer subsidies to oil and gas companies and tax loopholes that help billionaires pay a lower tax rate.

Man teachers and nurses.

I've said it before.

I'll say -- again.

We can't balance the budget on the backs the very people who have -- the biggest brunt of this recession.

We can't make it tougher for young people go to college or ask seniors to pay more for health care.

Or -- scientists to give up on promising medical -- search.

Because we couldn't close a tax shelter for the most fortunate among us.

Everyone's got to chip it.

That's only fair.

That's the -- -- be fighting for during the next phase of this process.

And in the coming months -- continue also to fight for what the American people care most about.

New jobs higher wages.

And faster economic growth.

While Washington has been absorbed in this debate about deficits.

People across the country are asking.

What can we do to help the father looking for work.

When we -- under for the single mom was seen her hours cut back at the hospital.

We're gonna do to make it easier for businesses.

To put up that now hiring site.

That's part of the reason that people are so frustrated.

-- what's been going on in this town in the last few months.

The economy is already had to absorb.

An earthquake in Japan.

The economic headwinds coming from Europe.

The Arab spring and the while in oil prices.

All of which have been very challenging for the recovery.

But these are things we couldn't control.

Our economy didn't need Washington come along -- they manufactured crisis to make things worse that was in our hands.

It's pretty likely that the uncertainty surrounding the raising of the -- -- For both businesses.

And consumers.

Has been unsettling and just one more impediment to the full recovery that we need and it was something that we could've avoided.

Entire.

So.

Voters may have chosen divided government but -- shirt and vote for dysfunctional government.

They want us to solve problems.

And wants to get this -- -- growing and adding jobs.

And -- deficit reduction is part of that agenda.

It is not a whole agenda.

Growing the economy isn't just about cutting spending.

It's not about rolling back regulations to protect our air and our water and keep our people safe.

That's not our gonna get past this recession.

Got to do more -- -- And that's why when congress gets back from recess I will urge them to immediately take some steps.

Bipartisan.

Common sense steps.

That will make a difference.

-- create a climate where businesses can hire.

Where folks have more money to.

In their pockets to spend.

Where people were out of work can find good jobs.

We need to Begin by extending tax cuts for middle class stamps.

So you have more money in your paychecks next year.

If you've got more money in your paycheck your more likely to spend and that means small businesses and medium size businesses.

And large businesses all have more customers.

That means they'll be in a better position -- higher.

And while we're at it we need to make sure that millions of workers were still pounding the pavement looking for jobs to support their families.

Are not denied needed unemployment benefits.

-- patent reform.

We can cut the red tape that stops to many in -- not to -- from quickly turning new ideas and the thriving businesses which holds our whole economy back.

I want congress to pass a set of trade deals.

Deals we've already negotiated.

That would help displaced workers looking for new jobs and would allow our businesses to sell more products in countries in Asia and South America.

Products that are stamped with the words made in America.

We also need to get more opportunities to all those construction workers out there who lost their jobs when the housing boom went bust.

We could put them to work right now by giving loans to private companies that want to repair our roads our bridges our airports.

Rebuilding our infrastructure.

We have workers who need jobs.

At a country that -- rebuild.

An infrastructure bank would help us put them together.

And -- while we're on the topic advanced infrastructure.

There's another stalemate.

In congress right now involving our aviation industry which -- stalled airport construction projects all around the country.

And put the jobs of tens of thousands of construction workers and others at risk.

Because of politics.

It's another Washington inflicted wound on America and congress needs to break that impasse now.

Hopefully before the senate adjourns.

So these folks can get back to work.

So these -- some of the things that we could be doing right now.

There's no reason for congress not to send me those bills like -- them in the -- right away as soon as they get back from recess.

Both parties share power in Washington.

And both parties need to take responsibility.

For approving this economy.

It's not a democratic responsibility -- Republican responsibility.

It is our collective responsibility as Americans.

And I'll be discussing additional ideas in the weeks ahead to help companies -- invest and expand.

Salt we've seen in the past few days but Washington has the ability to focus.

When there is a timer ticking down and when there's a looming disaster.

It shouldn't take the risk of default.

The risk of economic catastrophe.

To get folks in this town to work together and do their jobs.

Because there's already a quiet crisis going on in the lives of a lot of families.

And lot of communities.

All across the country.

They're looking for work and they have been for -- -- Are making do with fewer hours of your customers.

Or -- just try to make ends meet.

That ought to compel Washington to cooperate.

That ought to compel Washington -- compromise and it ought to compel Washington to act.

-- ought to be enough.

To get all of us in this town to do the jobs were sent here to do.

We've got to do everything and our power to grow this economy and put America back to work.

That's what I intend to do and I'm looking forward to working with congress to make it happen.

Thanks very much over.

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