Late friday night, leaders in Washington avoided a government shutdown by reaching an agreement on the budget for the remainder of the 2011 fiscal year. In their reactions, Senate Leader Harry Reid and Speaker John Boehner stated that a temporary measure will avoid a government shutdown for the near future while longterm agreement is completed by next week. Here's a breakdown of the deal:
In his weekly address, President Obama discussed the significance of the deal:
"This is good news for the American people. It means that small businesses can get the loans they need, our families can get the mortgages they applied for, folks can visit our national museums and parks, and hundreds of thousands of Americans will get their paychecks on time - including our brave men and women in uniform. This is an agreement to invest in our country's future while making the largest annual spending cut in our history."
The President stressed that some of these cuts would be "painful" as programs people rely on will be cut back and certain infrastructure projects will be delayed. However, President Obama urged that a tightening of the budget is necessary for the future:
"And beginning to live within our measn is the only way to protect the investments that will help America compete for new jobs - investments inour kids' education and student loans; in clean energy and life-saving medical research.
Reducing spending while still investing in the future is just common sense. That's what families do in tough times. They sacrifice where they can, even if it's hard, to afford what's really important."
President Obama's Weekly Address:
