President calls for balanced fiscal approach, urges policy before politics
In his weekly address, the President restated the belief he's shared in multiple press conferences over the past few weeks: that tackling the deficit will require a balanced approach where both parties make hard decisions for the greater good.
For Democrats the President discussed domestic spending cuts, however, when it came to Republicans, President Obama remained focused on the need to put corporate tax loopholes and tax cuts for the wealthy on the table.
President Obama made it clear that it is not right to fix the nation's economic problems on the backs of Americans who need the most assistance:
"The truth is, you can't solve our deficit without cutting spending. But you also can't solve it without asking the wealthiest Americans to pay their fair share - or without taking on loopholes that give special interests and big corporations tax breaks that middle-class Americans don't get.
It's pretty simple. I don't think oil companies should keep getting special tax breaks when they're making tens of billions in profits. I don't think hedge fund managers should pay taxes at a lower rate than their secretaries. And I don't think it's fair to ask nothing of someone like me when the average family has seen their income decline over the past decade - and when many of you are just trying to stretch every dollar as far as it will go.
We shouldn't put the burden of deficit reduction on the backs of folks who've already borne the brunt of the recession. It's not reasonable and it's not right. If we're going to ask seniors, or students, or middle-class Americans to sacrifice, then we have to ask corporations and the wealthiest Americans to share in that sacrifice."
President Obama's Weekly Address
