Obama Wants to Reignite 'Engine of America's Growth'

President discusses recent jobs numbers, economic impact of the budget battles in Washington.
4:50 | 04/06/13

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Transcript for Obama Wants to Reignite 'Engine of America's Growth'
-- ever but it. Our top priority as a nation and Mike top priority as president must be doing everything we can't to reignite the engine of America's growth. A rising thriving middle class. That's our -- I must drive every decision we make. Now yesterday we learned that our businesses created 95000 new jobs last month. That's about 500000 new jobs this year and nearly six point five million new jobs over the past three years. But we've got more to do to get the economy growing faster so that everybody who wants a job can find -- And that means we need if you were self inflicted wounds from Washington like the across the board spending cuts that are already hurting many communities. Cuts than economists predict will cost our economy hundreds of thousands of jobs this year. If we want to keep rebuilding this economy on a stronger sturdier foundation for growth. Growth it creates good middle class jobs. We have to make smarter choices. This week -- -- -- budget to congress will help do just that a fiscally responsible blueprint for middle class jobs and growth. 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 are growing economy demands. But the truth is our deficits already shrinking. That's -- fact. A party side more than 2.5 trillion dollars in deficit reduction in to law. In my budget will reduce our deficits by nearly two trillion dollars more without harming the recovery. That surpasses the goal of four trillion dollars in deficit reduction that many economists believe will stabilize our finances. We'll make the tough reforms required to strengthen Medicare for the future without undermining the rock solid guarantee at its core. And -- -- common sense tax reform that includes closing wasteful tax loopholes for the wealthy and well connected. Loopholes like the ones that allow billionaire pay a lower tax rate than his or her secretary. This is the compromise -- -- the speaker of the house -- the end of last year. Well it's not my ideal plan to further reduce the deficit. It's a compromise I'm willing to accept in order to move beyond -- cycle short term crisis driven decision making. And so that we can focus on growing our economy and our middle class from long. It includes many ideas Republicans have said they could accept as well. It's a way we can make progress together. But deficit reduction cannot come at the cost of economic growth or middle class security. And doesn't have to. My budget will make critical investments to grow the economy create jobs and strengthen the middle class. As I said my State of the Union Address every day we should ask ourselves three questions. How do we make America a magnet for good jobs. How do we give our workers the skills they need to do those jobs and how do we make shall work that hard work leads to a -- To make America magnet for good jobs will invest in high tech manufacturing and home -- American energy. Put people back to work building new roads and bridges and schools and cut red tape to help businesses grow. To give workers the skills they need to do those jobs will invest in education the begins in the earliest years. And job training the better -- workers to compete in the 21 century economy. To make sure hard work is rewarded. Will build new ladders of opportunity into the middle class and focus on revitalizing some of our communities hardest hit by recession and job -- All of these investment will help grow the economy and create jobs. None of them will add to the deficit. And I will lay out these priorities in greater detail in the days ahead. 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 -- to slower economy. We'll keep our promise to an aging generation by shoring up Medicare. And will keep our promise to the next generation by investing in the fundamentals that always made America strong. Manufacturing. Innovation. Energy and education. Because that's what will take to make sure America remained strong in the years and had to leave behind something better for markets. Thanks so much every week --

This transcript has been automatically generated and may not be 100% accurate.

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