Plain debt talk from Obama - how we got here

PRESIDENT BARACK OBAMA: 
 It turns out we don’t have to do anything radical to solve this problem. Contrary to what some folks say, we’re not Greece, we’re not Portugal. It turns out that our problem is we cut taxes without paying for them over the last decade. We ended up instituting new programs, like a prescription drug program for seniors that was not paid for. We fought two wars, we didn’t pay for them. We had a bad recession that required a Recovery Act and stimulus spending and helping states, accumulated, and there’s interest on top of that. 


And to unwind that, what’s required is that we roll back those tax cuts on the wealthiest individuals. That we clean up our tax codes so we’re not giving out a bunch of tax breaks to companies that don’t need them and are not creating jobs. We cut programs that we don’t need and we invest in those things that are gonna help us grow. And every commission that’s been out there has said the same thing and basically taken then same approach within the margin of error. 


So my general view is that if the American people looked at this they’d say, “Boy, some of the decisions are tough, but they don’t require us to gut Medicare or Social Security. They don’t require us to stop helping young people to go to college. They don’t require us to stop helping families who have a disabled child. They don’t require us to violate our obligation to our veterans. And they don’t require us to stop, quote/unquote, 'job-killing' tax cuts. They require us to make some modest adjustments to get out house in order. And we should do it now.”  


With respect to Senator McConnell’s plan, like I said, I think it is a ... it is constructed to say that if Washington operates as usual and can’t get anything done, let’s avert Armageddon.