By Office of the Press Secretary, THE WHITE HOUSE on Jul 06, 2011
\n4:49 p.m. EDT, July 5<\/p>\n
THE PRESIDENT:<\/strong> All right. Hello, everybody. I just wanted to give you an update on the deficit negotiations that we\u2019ve been having for the last several weeks, and I want to wish, again, everybody a Happy Fourth of July.<\/p>\n Over the July Fourth weekend, my team and I had a series of discussions with congressional leaders in both parties. We\u2019ve made progress, and I believe that greater progress is within sight, but I don\u2019t want to fool anybody\u2014we still have to work through some real differences.<\/p>\n Now, I\u2019ve heard reports that there may be some in Congress who want to do just enough to make sure that America avoids defaulting on our debt in the short term, but then wants to kick the can down the road when it comes to solving the larger problem of our deficit. I don\u2019t share that view. I don\u2019t think the American people sent us here to avoid tough problems. That\u2019s, in fact, what drives them nuts about Washington, when both parties simply take the path of least resistance. And I don\u2019t want to do that here.<\/p>\n I believe that right now we\u2019ve got a unique opportunity to do something big\u2014to tackle our deficit in a way that forces our government to live within its means, that puts our economy on a stronger footing for the future, and still allows us to invest in that future.<\/p>\n Most of us already agree that to truly solve our deficit problem, we need to find trillions in savings over the next decade, and significantly more in the decades that follow. That\u2019s what the bipartisan fiscal commission said, that\u2019s the amount that I put forward in the framework I announced a few months ago, and that\u2019s around the same amount that Republicans have put forward in their own plans. And that\u2019s the kind of substantial progress that we should be aiming for here.<\/p>\n To get there, I believe we need a balanced approach. We need to take on spending in domestic programs, in defense programs, in entitlement programs, and we need to take on spending in the tax code\u2014spending on certain tax breaks and deductions for the wealthiest of Americans. This will require both parties to get out of our comfort zones, and both parties to agree on real compromise.<\/p>\n I\u2019m ready to do that. I believe there are enough people in each party that are willing to do that. What I know is that we need to come together over the next two weeks to reach a deal that reduces the deficit and upholds the full faith and credit of the United States government and the credit of the American people.<\/p>\n That\u2019s why, even as we continue discussions today and tomorrow, I\u2019ve asked leaders of both parties and both houses of Congress to come here to the White House on Thursday so we can build on the work that\u2019s already been done and drive towards a final agreement. It\u2019s my hope that everybody is going to leave their ultimatums at the door, that we\u2019ll all leave our political rhetoric at the door, and that we\u2019re going to do what\u2019s best for our economy and do what\u2019s best for our people.<\/p>\n And I want to emphasize – I said this at my press conference – this should not come down to the last second. I think it\u2019s important for us to show the American people and their leaders that we can find common ground and solve our problems in a responsible way. We know that it\u2019s going to require tough decisions. I think it\u2019s better for us to take those tough decisions sooner rather than later.<\/p>\n That\u2019s what the American people expect of us. That\u2019s what a healthy economy is going to require. That\u2019s the kind of progress that I expect to make. So I promise I will keep you guys updated as time goes on. All right?<\/p>\n Q:<\/strong> A cou ple of questions?<\/p>\n Q:<\/strong> Will you take any questions, Mr. President?<\/p>\n THE PRESIDENT:<\/strong> I guarantee you, Jay is going to take a whole bunch of them. (Laughter.)<\/p>\n","protected":false},"excerpt":{"rendered":" By Office of the Press Secretary, THE WHITE HOUSE on Jul 06, 2011 4:49 p.m. EDT, July 5 THE PRESIDENT: All right. Hello, everybody. I just wanted to give you an update on the deficit negotiations that we\u2019ve been having…<\/p>\n