This is the link to the video and transcript of President Obama's Weekly Address. This is the link to the transcript of the Republican response given by Senator Dan Coats of Indiana.
President Obama states:
"I ran for President because I believed in an America where ordinary folks could get ahead; where if you worked hard, you could have a better life. That's been my focus since I came into office, and that has to be our focus now. It's one of the reasons why we're working to reduce our nation's deficit. Government has to start living within its means, just like families do. We have to cut the spending we can't afford so we can put the economy on sounder footing, and give our businesses the confidence they need to grow and create jobs."
He rightfully states that we have to cut spending and help businesses gain the confidence they need to grow jobs. Then the President proceeds with the class warfare he has been known for:
"Now, it would be nice if we could keep every tax break, but we can't afford them. Because if we choose to keep those 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 without our help - then we'll have to make even deeper cuts somewhere else. We've got to say to a student, 'You don't get a college scholarship.' We have to say to a medical researcher, 'You can't do that cancer research.' We might have to tell seniors, 'You have to pay more for Medicare.'"
Tax breaks for millionaires and billionaires are not the problem. Corporate jets are not the problem. Trying to get more money out of people who have enough lawyers to move their money around in order to avoid taxes is never going to increase revenue. It should also be mentioned at this point that President Obama considers individuals who make more than $200,000 per year deserving of a tax increase. In some states, that is not excessive income. Closing loopholes for millionaires and corporations might be a good idea in a healthy economy, but only with lower tax rates. Any increases on corporations or business owners at this point is only going to be passed on the the consumer and further slow down the economy. He is not comparing apples to apples.
The Republican response points out some of the history of the current debt crisis:
""Unfortunately, the President's economic plan of spending and borrowing has failed. Over the past two years, debt has skyrocketed 35 percent to our nation's limit of $14.3 trillion. The annual deficit is now three times greater than the highest deficit of the previous administration. And today, nearly 14 million Americans are without work.
""If these numbers aren't alarming enough, then the President should consider the numerous warnings from the financial markets both here and abroad. The eyes of the world are fixed on the U.S. to see if we have the political courage and moral sense to solve our debt crisis.
""The President and Democrats in Congress must recognize that their game plan is not working. It's time to acknowledge that more government and higher taxes is not the answer to our problem. It's time for bold action and a new plan to address our current crisis."
Senator Coats further points out:
""The Hoosier model is a necessary first step to repairing our country's finances. And this week, every Senate Republican took that step by committing to a Balanced Budget Amendment to the U.S. Constitution. The Speaker of the House has committed to bringing the Balanced Budget Amendment to a vote later this month, and Senate Republican Leader Mitch McConnell has committed to fighting for a vote in the Senate as well. Broke or balanced, that's the choice before us.
""Now some doubt our ability to overcome this fiscal crisis. But the problem we face is not insurmountable. We have overcome major challenges in the past. Times of trial have always produced moments of great leadership that rally the American people."
To slightly alter the words of the Bill Clinton campaign, "It's the spending, stupid!"
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