In a video message to supporters emailed out today by the Obama 2012 re-election campaign, the president talks about the debt deal, emphasizing that a default had to be avoided.
“It’s been a tense debate because the stakes were so high,” the president says. “A default on our debt would have been a devastating blow to our economy at a time we can least afford it.” He paints a picture of “higher borrowing costs, higher prices and …millions more jobs in jeopardy."
Attempting to commiserate with his supporters, the president says, “this has been a long and messy process, and as with any compromise the outcome is far than satisfying. But it has also launched an important debate about how we approach the big challenges we face.”
The president heralds the Super-Committee which is tasked with putting a $1.5 trillion deficit reduction package before the Congress to vote upon — “no tricks, no games, no delays”
“I’ve said from the beginning that the ultimate solution must be balanced,” the president says, clearly hoping tax revenue will be part of the Super-Committee’s package. “Big corporations and the wealthiest Americans shouldn’t be exempt from kicking in. That’s just fair.”
Though the House and Senate haven’t yet voted on the debt deal, the president says “this chapter is over, but that work and that debate continues.”