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President Obama's Speech After Senate Passed Debt Solution

Aug 2, 2011|

President Obama spoke right after the Senate passed and thanked the American people for their faith in getting thie debt ceiling passed. Did you like what he had to say?

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Congress has now approved a compromise to reduce -- And avert a default that would have devastated our economy. It was long and contentious debate and I wanna thank the American people for keeping up the pressure on the 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 research. Could lead to new jobs. In assures that we're not cutting too abruptly. While the economy is still fragile. This is however 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 and you can't close. The deficit would just spending cuts. Will lead a balanced approach where everything's on the tape. Yes that means making some adjustments to protect health care programs like Medicare so -- their 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 research. Because we couldn't close a tax shelter for the most fortunate among us. Everyone's got that shipment. That's only -- That's the prince ball be fighting for during the next phase of this process. And in the coming months -- continued also to fight for what the American people care most about. New jobs higher wages. And faster economic growth. Washington has been absorbed in this debate about deficits. People across the country are asking. What do we do to help the father looking for work. When we got under for the single mom was seen our hours cut back of the hospital. What are we 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. With what's been going on in this town in the last few months. The economy's already had to absorb. An earthquake in Japan. The economic headwinds coming from Europe. The Arab spring and the -- 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 where 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 we could've avoided. Entire. So. Voters may have chosen divided government but they sure didn't vote for dysfunctional -- They want us to solve problems. And wants to get this economy growing and adding jobs. And -- deficit reduction is part of that agenda. It is not a whole -- 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 say. That's not our gonna get past this recession. We got to do more of -- And that's why when congress gets back from recess I urged them to immediately take some steps. Bipartisan. Common sense steps. That would make a difference. It'll create a climate where business is gonna hire. We're folks have more money. 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 you're more likely to spend and that means small businesses and medium sized businesses. And large businesses all have more customers. That means albeit a better position higher. And while we're at. 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. To patent reform. We can cut the red tape it stops to many in -- not to -- quickly turning new ideas in 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 means rebuilding. An infrastructure bank would help us put them to get. And while we're on the topic convinced infrastructure. There's another stalemate. In congress right now involving our aviation industry which is 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 are some of the things we could be doing right now. There's no reason for congress not to send me those -- like Simon in the law right away as soon as they get back from recess. Both parties share power in Washington. And both parties need to take responsibility. For improving the 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. So we've seen in the past few days that Washington has the ability to focus. When there's 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 awhile. We're making do with fewer hours of your customers. Or they're just try to -- -- That ought to compel Washington to cooperate. That ought to compel Washington to compromise and it ought to compel Washington to act. That 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 in 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 --