Weekly address: Looking forward

In his weekly address, President Obama congratulated new members of Congress, praised the tax legislation passed by the House and Senate, and outlined his position on the looming next fiscal battles:

I believe we can find more places to cut spending without shortchanging things like education, job training, research and technology all which are critical to our prosperity in a 21st century economy.  But spending cuts must be balanced with more reforms to our tax code.  The wealthiest individuals and the biggest corporations shouldn't be able to take advantage of loopholes and deductions that aren't available to most Americans.

And as I said earlier this week, one thing I will not compromise over is whether or not Congress should pay the tab for a bill they've already racked up.  If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic.  The last time Congress threatened this course of action, our entire economy suffered for it.  Our families and our businesses cannot afford that dangerous game again.

To read the transcript in full, check below the fold or visit the White House website.