Since 1993, we have all begun to see the benefits of deficit reduction.
Lower interest rates have made it easier for businesses to borrow and to
invest and to create new jobs. Lower interest rates have brought down the
cost of home mortgages, car payments and credit card rates to ordinary
citizens. Now, it is time to finish the job and balance the budget.
Though differences remain among us which are significant, the combined
total of the proposed savings that are common to both plans is more than
enough, using the numbers from your Congressional Budget Office to balance
the budget in seven years and to provide a modest tax cut.
These cuts are real. They will require sacrifice from everyone. But these
cuts do not undermine our fundamental obligations to our parents, our
children, and our future, by endangering Medicare, or Medicaid, or
education, or the environment, or by raising taxes on working families.
I have said before, and let me say again, many good ideas have come out of
our negotiations. I have learned a lot about the way both Republicans and
Democrats view the debate before us. I have learned a lot about the good
ideas that we could all embrace.
We ought to resolve our remaining differences. I am willing to work to
resolve them. I am ready to meet tomorrow. But I ask you to consider that
we should at least enact these savings that both plans have in common and
give the American people their balanced budget, a tax cut, lower interest
rates, and a brighter future. We should do that now, and make permanent
deficits yesterday's legacy.
Now it is time for us to look also to the challenges of today and tomorrow,
beyond the burdens of yesterday. The challenges are significant. But
America was built on challenges, not promises. And when we work together to
meet them, we never fail. That is the key to a more perfect Union. Our
individual dreams must be realized by our common efforts.
Tonight I want to speak to you about the challenges we all face as a
people.