Remarks by the President Announcing the Fiscal Year 2014 Budget
11:00 A.M. EDT
THE PRESIDENT: Good morning, everybody. Please, please have a seat. Well, as President, my top priority is to do everything I can to reignite what I consider to be the true engine of the American economy: a rising, thriving middle class. That’s what I think about every day. That’s the driving force behind every decision that I make.
And over the past three years, our businesses have created nearly 6.5 million new jobs. But we know we can help them create more. Corporate profits are at an all-time high. But we have to get wages and incomes rising, as well. Our deficits are falling at the fastest pace in years. But we can do more to bring them down in a balanced and responsible way.
The point is, our economy is poised for progress — as long as Washington doesn’t get in the way. Frankly, the American people deserve better than what we’ve been seeing: a shortsighted, crisis-driven decision-making, like the reckless, across-the-board spending cuts that are already hurting a lot of communities out there — cuts that economists predict will cost us hundreds of thousands of jobs during the course of this year.
If we want to keep rebuilding our economy on a stronger, more stable foundation, then we’ve got to get smarter about our priorities as a nation. And that’s what the budget I’m sending to Congress today represents — a fiscally responsible blueprint for middle-class jobs and growth.
For years, the debate in this town has raged between reducing our deficits at all costs, and making the investments necessary to grow our economy. And this budget answers that argument, because we can do both. We can grow our economy and shrink our deficits. In fact, as we saw in the 1990s, nothing shrinks deficits faster than a growing economy. That’s been my goal since I took office. And that should be our goal going forward.
At a time when too many Americans are still looking for work, my budget begins by making targeted investments in areas that will create jobs right now, and prime our economy to keep generating good jobs down the road. As I said in my State of the Union address, we should ask ourselves three questions every day: How do we make America a magnet for new jobs? How do we give our workers the skills they need to do those jobs? And how do we make sure that hard work leads to a decent living?
To make America a magnet for good jobs, this budget invests in new manufacturing hubs to help turn regions left behind by globalization into global centers of high-tech jobs. We’ll spark new American innovation and industry with cutting-edge research like the initiative I announced to map the human brain and cure disease. We’ll continue our march towards energy independence and address the threat of climate change. And our Rebuild America Partnership will attract private investment to put construction workers back on the job rebuilding our roads, our bridges and our schools, in turn attracting even more new business to communities across the country.
To help workers earn the skills they need to fill those jobs, we’ll work with states to make high-quality preschool available to every child in America. And we’re going to pay for it by raising taxes on tobacco products that harm our young people. It’s the right thing to do. (Applause.)
Deficit reduction picks up speed
May 14, 2013 4:05 PM EDT By Steve Benen – maddowblog
If the current laws that govern federal taxes and spending do not change, the budget deficit will shrink this year to $642 billion, CBO estimates, the smallest shortfall since 2008. Relative to the size of the economy, the deficit this year — at 4.0 percent of gross domestic product (GDP) — will be less than half as large as the shortfall in 2009, which was 10.1 percent of GDP.
Thanks in large part to higher taxes on the wealthy, which Republicans said would not reduce the deficit, deficit reduction is picking up speed at a pace few could have predicted. We’re now looking at over $400 billion in deficit reduction in just one year, and about $800 billion in deficit reduction since President Obama took office.
Let’s say this plainly: for those who saw the federal budget deficit as a “problem,” it’s fair to say this problem has been largely fixed.
And while we’re at it, let’s also not forget that Republican talking points on fiscal policy have effectively been left in tatters, and every conservative political figure who’s declared “Socialist Obama is turning America into Greece!” looks incredibly foolish right now.
The president took some heat for failing to cut the deficit in half in his first term, and the criticisms had merit, at least insofar as he didn’t reach his original goal. That said, Obama’s on track to cut it by well over half — both in real terms and as a percentage of GDP — in five years.
It’s time to stop worrying a shrinking deficit and start worrying about creating a more robust economic recovery.
White House Press Secretary Annoucement on the CBO’s Deficit Report:
“the CBO report yesterday, the so-called baseline reestimate. And the improvements in the CBO’s report show that the President’s policies of cutting the deficit by more than $2.5 trillion in a balanced way are contributing to the most rapid deficit reduction since World War II. The most rapid deficit reduction since World War II.
While there is still more work to be done to cut the deficit, this is important progress because we strengthen America by growing the economy from the middle out. Working with leaders from both parties, President Obama has cut the deficit by more than half when measured as a share of GDP. This is a balanced deficit reduction that cuts waste, asks millionaires and billionaires to pay their fair share in taxes, and preserves investments we need in energy, education, and manufacturing to grow the economy and create jobs.
The administration is committed to continuing to work with Congress to create jobs, reduce the deficit, and replace the sequester in a balanced way.
Later this week, we understand that CBO will be putting out a reestimate of the President’s budget, which includes, as you know, his plan to replace the economically damaging sequester with a balanced approach to deficit reduction that would help drive stronger economic growth in the short.”
White House Press Secretary Jay Carney at the 5/15/13 White House Press Conference
The Medal of Honor is the highest military decoration awarded by the United States government. It is bestowed by the President in the name of Congress on members of the United States Armed Forces who distinguish themselves through “conspicuous gallantry and intrepidity at the risk of his or her life above and beyond the call of duty while engaged in an action against an enemy of the United States.
Members of all branches of the armed forces are eligible to receive the medal, and there are three versions; one for the Army, one for the Air Force, and one for the Navy, Marine Corps and Coast Guard. The Medal of Honor is bestowed upon an individual by the passing of a Joint Resolution in the Congress; and is then personally presented to the recipient or, in the case of posthumous awards, to next of kin, by the President of the United States, on behalf of the Congress, representing and recognizing the gratitude of the American people as a whole.
On April 11, President Barack Obama will award Chaplain (Captain) Emil J. Kapaun, U.S. Army, the Medal of Honor for conspicuous gallantry.
Chaplain Kapaun will receive the Medal of Honor posthumously for his extraordinary heroism while serving with the 3d Battalion, 8th Cavalry Regiment, 1st Cavalry Division during combat operations against an armed enemy at Unsan, Korea and as a prisoner of war from November 1-2, 1950.