Obama's Weekly Address: Tackling America's Spending Issue

The president discusses his plan to ensure the future of the U.S. economy.
2:49 | 02/02/13

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Transcript for Obama's Weekly Address: Tackling America's Spending Issue
Hi everybody. In the coming weeks we face some important decisions about how to pay down our debt in a way that grows our economy and creates good jobs. Decisions that will make -- real difference in the strength and pace of our recovery. We begin this year -- economists and business leaders saying that we are poised to grow in 2013. And the real signs of progress. Home prices -- start to climb again car sales are 85 year high. Manufacturing is roaring back. Our business is created 2.2 million jobs last year. And we just learned that our economy created more jobs over the last few months than economists originally thought. But this week we also received the first estimate of America's economic growth over the last few months and -- reminded us. The bad decisions -- Washington can get in the way of our economic problems. We all agree that it's critical to cut unnecessary spending. But we can't just cut our way to prosperity. It has worked in the past and it won't work today. It could slow down or recover he could weaken our economy. And it could cost us jobs. Are just now but in the future. What we need instead is a balanced approach. An approach that says let's cut what we can't afford but let's make the investments. We can't afford to live without. Investments in education and infrastructure. Research and develop. The things that will help America compete for the best jobs and new industries. Already Republicans and Democrats have worked together to reduce our deficits by 2.5. Trillion dollars. That's a good start. But to get the rest of the way we need a balanced set -- before -- For example we need to lower the cost of health -- programs like Medicare that are biggest drivers of our deficit. Without just passing the burden off to seniors. And these reforms must go hand in hand with eliminating excess spending in our tax code. So that the wealthiest individuals and biggest corporations can't take advantage of loopholes and deductions that are available to most Americans. 2013 can be a year of solid growth more jobs and higher wages. But that will only happen if we put a stop to self inflicted wounds in Washington. Everyone in Washington needs to focus not on politics but on what's right for the country. -- what's right for you and your families. That's how we'll get our economy growing faster -- that's how we'll strengthen our middle class. And that's how will build a country the rewards the effort and determination. Every single. Thanks and have a great weekend.

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

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