Obama’s Address to the Nation: Draws line in sand, there must be no lines in sand other than the ones I draw
Barack Obama read a statement today, my paraphrases and quick transcription:
Disputes downgrade. Quotes Warren Buffett that U.S. should have AAAA rating.
Need “balanced long term approach” — needed “day I took office.” Blames “prolonged debate over debt ceiling” for downgrade, and string of economic disruptions in Japan, Europe and the Middle East.
Solution is simple: “Tax reform that will ask those who can afford it to pay their fair share.” And “modest adjustments” to entitlements.
Not a lack of plans, “insistence on drawing lines in the sand.”
Most immediate concern of Americans is slow pace of recovery coming out of “worst recession” in our lifetimes. Extend payroll tax cut as soon as possible, and extend unemployment insurance payments. One million fewer jobs if don’t do this. Plus, more infrastructure spending.
These are proposals Republicans had agreed to in the past and should agree to now.
“This is the United States of America, no matter what some ratings agency says, we will always be a AAA country.”