For years, an argument in Washington has raged between reducing our deficits at all costs, and making the investments we need to grow the economy. My budget puts that argument to rest. Because we don’t have to choose between these goals – we can do both. After all, as we saw in the 1990s, nothing reduces deficits faster than a growing economy.
My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families – but through the balanced approach that the American people prefer, and the investments that a growing economy demands.
Now, the truth is, our deficits are already shrinking. That’s a fact. I’ve already signed more than $2.5 trillion in deficit reduction into law, and my budget will reduce our deficits by nearly $2 trillion more, without harming the recovery. That surpasses the goal of $4 trillion in deficit reduction that many economists believe will stabilize our finances.
But deficit reduction cannot come at the cost of economic growth or middle-class security. And it doesn’t have to. My budget will make critical investments to grow the economy, create jobs, and strengthen the middle class…
It’s a budget that doesn’t spend beyond our means. And it’s a budget that doesn’t make harsh and unnecessary cuts that only serve to slow our economy. We’ll keep our promise to an aging generation by shoring up Medicare. And we’ll keep our promise to the next generation by investing in the fundamentals that have always made America strong – manufacturing and innovation, energy and education.