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Obama: "We can’t simply cut our way to prosperity. Cutting spending has to go
hand-in-hand with further reforms to our tax code so that the wealthiest
corporations and individuals can’t take advantage of loopholes and
deductions that aren’t available to most Americans. And we can’t keep
cutting things like basic research and new technology and still expect
to succeed in a 21st century economy. So we’re going to have to continue
to move forward in deficit reduction, but we have to do it in a
balanced way, making sure that we are growing even as we get a handle on
our spending ."
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