"We need to face facts: we're going broke. Washington is racking up debts that are being passed on to our kids and our grandkids. If we continue at this pace, we'll be the first generation of Americans to leave the next generation worse off than us. That's wrong. It's unfair. And it has to change.
"Based on this record, you'd think that President Obama would've learned from his mistakes. Instead he seems to be doubling down.
"Today, instead of lifting the burden on job creators, the President is once again calling for a massive tax increase on nearly 1 million small businesses that employ tens of millions of Americans. I guess he still thinks the private sector is doing just fine. Well, the private sector is not fine. And raising taxes on job creators during a jobs shortage makes about as much sense as cutting off the water supply during a drought.
"President Obama says this tax hike is about fairness. Well, under his plan, many of these small businesses would pay higher taxes than Fortune 500 companies. How's that fair? President Obama likes to talk about the Buffett Rule. Well, here's a Buffett Rule that all Americans should be able to support: mom and pop businesses should not pay a higher tax rate than Fortune 500 corporations like Warren Buffett's.
"The good news is there's a better path forward.
"The way to an American economic comeback, the way to help those out of work today find a paycheck, is to unleash the forces of job creation in America. The source of new jobs isn't going to be the bureaucracies of Washington, but rather the creativity, ingenuity, and hard work of the American people.
"Let's reform our complex, outdated tax code by eliminating loopholes, lowering tax rates, and rewarding hard work, innovation, and job creation.
"Let's make the tough choices needed to prevent the record federal debt from smothering our economic growth and job creation.
"Let's lift the regulatory burdens that small businesses say are the single greatest threat from Washington today.
"And let's tap into the exciting potential of homegrown American energy—including shale oil and gas—to create jobs and to get us away from our dangerous dependency on foreign oil.
"There's no denying the challenges America faces today are real and they're serious. But I know we can solve them with the right policies and the right leadership.
"For all our current troubles, Americans are still the hardest working, most innovative people on the face of the earth. By trusting the American people, instead of government, we'll continue to surprise and inspire the world.
"The government-knows-best approach of the past few years has given us the weakest economic recovery since the Great Depression. It's time to turn things around. We know we can restore America's greatness by harnessing the power of free people and free enterprise.
"Thanks for listening—and God bless our great country."