Speaking at Northern Virginia Community College (NOVA) earlier today, President Obama introduced his plan for a budget that will help get our economy back on track:
In the State of the Union, I outlined a blueprint for an economy that is built to last—an economy built on new manufacturing, and new sources of energy, and new skills and education for the American people.
Today, we’re releasing the details of that blueprint in the form of next year’s budget. And don’t worry, I will not read it to you. It’s long and a lot of numbers. But the main idea in the budget is this: At a time when our economy is growing and creating jobs at a faster clip, we’ve got to do everything in our power to keep this recovery on track.
Part of our job is to bring down our deficit. And if Congress adopts this budget, then along with the cuts that we’ve already made, we’ll be able to reduce our deficit by $4 trillion by the year 2022—$4 trillion. I’m proposing some difficult cuts that, frankly, I wouldn’t normally make if they weren’t absolutely necessary. But they are. And the truth is we’re going to have to make some tough choices in order to put this country back on a more sustainable fiscal path.
By reducing our deficit in the long term, what that allows us to do is to invest in the things that will help grow our economy right now. We can’t cut back on those things that are important for us to grow. We can’t just cut our way into growth. We can cut back on the things that we don’t need, but we also have to make sure that everyone is paying their fair share for the things that we do need.
For more ways the President is following through on his promise to support our economy by investing in education, check out this video.