ABC News' Sunlen Miller reports:
President Obama uses his weekly address to highlight the “pay-as-you-go” rule he signed into law Friday – within the bill which also raises federal debt limit to $14.3 trillion -- a number which Obama does not mention once during his address.
“This isn’t a perfect world. This is Washington,” Obama says, “And while in theory there is bipartisan agreement on moving on balanced budgets, in practice, this responsibility for the future is often overwhelmed by the politics of the moment. It falls prey to the pressure of special interests, to the pull of local concerns, and to a reality familiar to every single American – the fact that it is a lot easier to spend a dollar than save one.”
The president says he is “pleased” that Congress has now restored pay-go so that Congress will have to pay for what it spends now, “just like everybody else.”
Mr. Obama says that this is not all of what government must do to rein in the deficit in the long-term, and proposes once again the bipartisan Fiscal Commission, which he says he will create by executive order.
“In the end, solving our fiscal challenge – so many years in the making – will take both parties coming together, putting politics aside, and making some hard choices about what we need to spend, and what we don’t. It will not happen any other way. Unfortunately this proposal – which received the support of a bipartisan majority in the Senate – was recently blocked. So, I will be creating this commission by executive order.”
The President said that it is easy to get in front of the TV cameras and “rant about exploding deficits” but actually doing the world and getting deficits under control is that hard part.
After a “decade of profligacy,” the president says, “the American people are tired of politicians who talk the talk but don’t walk the walk when it comes to fiscal responsibility.”
Mr. Obama signed the debt limit bill in private Friday afternoon at the White House.