Obama on the Nat’l Debt: ‘We’ve Made Some Cuts in Spending,’ Cut Deficit Two-Thirds

GOVERNOR Quick question Something ░░░░░░░░ effects each of us ░░░░░░░░ governors individually is debt ░░░░░░░░ s crippling to some ░░░░░░░░ us less so to ░░░░░░░░ Curious as to your ░░░░░░░░ on the debt of ░░░░░░░░ nation and the lack ░░░░░░░░ any political discourse on ░░░░░░░░ side of the aisle ░░░░░░░░ any of the debates ░░░░░░░░ this issue And what ░░░░░░░░ the next 10 months ░░░░░░░░ administration can do to ░░░░░░░░ attention to this to ░░░░░░░░ it to change start ░░░░░░░░ change the course of ░░░░░░░░ that is currently underway ░░░░░░░░ Well we re going ░░░░░░░░ be releasing a budget ░░░░░░░░ that will be a ░░░░░░░░ topic of conversation Maybe ░░░░░░░░ ll just break it ░░░░░░░░ into its component parts ░░░░░░░░ the federal government unlike ░░░░░░░░ governments does not have ░░░░░░░░ the constitution that at ░░░░░░░░ end of each year ░░░░░░░░ has to balance its ░░░░░░░░ I know that there ░░░░░░░░ those in this room ░░░░░░░░ would probably be for ░░░░░░░░ federal government having a ░░░░░░░░ budget amendment I would ░░░░░░░░ be one of those ░░░░░░░░ in modern economic history ░░░░░░░░ is clear is that ░░░░░░░░ has to be some ░░░░░░░░ for the federal government ░░░░░░░░ sovereign nation to issue ░░░░░░░░ in order to deal ░░░░░░░░ recession national emergencies and ░░░░░░░░ on What is also ░░░░░░░░ is the way that ░░░░░░░░ federal government keeps the ░░░░░░░░ is different than an ░░░░░░░░ business Lot of times ░░░░░░░░ will use a family ░░░░░░░░ a business as an ░░░░░░░░ but just to take ░░░░░░░░ instance the federal government ░░░░░░░░ t have a separate ░░░░░░░░ for capital expenditures which ░░░░░░░░ would then depreciate and ░░░░░░░░ you would have a ░░░░░░░░ another way of doing ░░░░░░░░ phone rings There you ░░░░░░░░ That happens to me ░░░░░░░░ the time Laughter So ░░░░░░░░ analogy is not exactly ░░░░░░░░ same as the federal ░░░░░░░░ versus state governments or ░░░░░░░░ or families Now having ░░░░░░░░ that the good news ░░░░░░░░ that since so I ░░░░░░░░ and off as we ░░░░░░░░ reduced the deficit by ░░░░░░░░ thirds That is a ░░░░░░░░ of the recovery which ░░░░░░░░ in more tax revenue ░░░░░░░░ taxes on the top ░░░░░░░░ percent which everybody claimed ░░░░░░░░ going to be a ░░░░░░░░ killer but we ve ░░░░░░░░ had 14 million jobs ░░░░░░░░ or more essentially over ░░░░░░░░ last six years And ░░░░░░░░ ve made some cuts ░░░░░░░░ spending All of that ░░░░░░░░ led to a two ░░░░░░░░ reduction And that our ░░░░░░░░ will reflect —“