English subtitles for clip: File:2010-11-06 President Obama's Weekly Address.ogv
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1 00:00:05,567 --> 00:00:08,500 The President: This week, Americans across the country cast their votes 2 00:00:08,500 --> 00:00:10,367 and made their voices heard. 3 00:00:10,367 --> 00:00:12,367 And your message was clear. 4 00:00:12,367 --> 00:00:16,166 You're rightly frustrated with the pace of our economic recovery. 5 00:00:16,166 --> 00:00:17,767 So am I. 6 00:00:17,767 --> 00:00:21,633 You're fed up with partisan politics and want results. 7 00:00:21,633 --> 00:00:23,400 I do too. 8 00:00:23,400 --> 00:00:26,099 So I congratulate all this week's winners -- 9 00:00:26,100 --> 00:00:29,467 Republicans, Democrats, and Independents. 10 00:00:29,467 --> 00:00:32,567 But now, the campaign season is over. 11 00:00:32,567 --> 00:00:35,567 And it's time to focus on our shared responsibilities to work 12 00:00:35,567 --> 00:00:39,033 together and deliver those results: speeding up our 13 00:00:39,033 --> 00:00:41,967 economic recovery, creating jobs, 14 00:00:41,967 --> 00:00:44,233 and strengthening the middle class so that the American Dream 15 00:00:44,233 --> 00:00:47,333 feels like it's back within reach. 16 00:00:47,333 --> 00:00:50,766 That's why I've asked to sit down soon with leaders of both 17 00:00:50,767 --> 00:00:54,066 parties so that we can have an extended discussion about what 18 00:00:54,066 --> 00:00:57,533 we can do together to move this country forward. 19 00:00:57,533 --> 00:01:00,166 And over the next few weeks, we're going to have a chance to 20 00:01:00,166 --> 00:01:04,265 work together in the brief upcoming session of Congress. 21 00:01:04,266 --> 00:01:07,433 Here's why this lame-duck session is so important. 22 00:01:07,433 --> 00:01:10,500 Early in the last decade, President Bush and Congress 23 00:01:10,500 --> 00:01:14,367 enacted a series of tax cuts that were designed to expire at 24 00:01:14,367 --> 00:01:16,166 the end of this year. 25 00:01:16,166 --> 00:01:20,100 What that means is, if Congress doesn't act by New Year's Eve, 26 00:01:20,100 --> 00:01:23,934 middle-class families will see their taxes go up starting on 27 00:01:23,934 --> 00:01:25,667 New Year's Day. 28 00:01:25,667 --> 00:01:30,066 But the last thing we should do is raise taxes on middle-class families. 29 00:01:30,066 --> 00:01:32,400 For the past decade, they saw their costs rise, 30 00:01:32,400 --> 00:01:35,900 their incomes fall, and too many jobs go overseas. 31 00:01:35,900 --> 00:01:39,066 They're the ones bearing the brunt of the recession. 32 00:01:39,066 --> 00:01:41,734 They're the ones having trouble making ends meet. 33 00:01:41,734 --> 00:01:44,899 They're the ones who need relief right now. 34 00:01:44,900 --> 00:01:46,767 So something's got to be done. 35 00:01:46,767 --> 00:01:50,834 And I believe there's room for us to compromise and get it done together. 36 00:01:50,834 --> 00:01:52,700 Let's start where we agree. 37 00:01:52,700 --> 00:01:55,734 All of us want certainty for middle-class Americans. 38 00:01:55,734 --> 00:01:59,967 None of us want them to wake up on January 1st with a higher tax bill. 39 00:01:59,967 --> 00:02:02,266 And that's why I believe we should permanently extend the 40 00:02:02,266 --> 00:02:07,166 Bush tax cuts for all families making less than $250,000 a year. 41 00:02:07,166 --> 00:02:10,532 That's 98% of the American people. 42 00:02:10,532 --> 00:02:13,232 We also agree on the need to start cutting spending and 43 00:02:13,233 --> 00:02:15,333 bringing down our deficit. 44 00:02:15,333 --> 00:02:18,633 That's going to require everyone to make some tough choices. 45 00:02:18,633 --> 00:02:22,266 In fact, if Congress were to implement my proposal to freeze 46 00:02:22,266 --> 00:02:25,733 non-security discretionary spending for three years, 47 00:02:25,734 --> 00:02:28,433 it would bring this spending down to its lowest level as a 48 00:02:28,433 --> 00:02:31,867 share of the economy in 50 years. 49 00:02:31,867 --> 00:02:34,700 But at a time when we're going to ask folks across the board to 50 00:02:34,700 --> 00:02:38,367 make such difficult sacrifices, I don't see how we can afford to 51 00:02:38,367 --> 00:02:42,600 borrow an additional $700 billion from other countries to 52 00:02:42,600 --> 00:02:44,834 make all the Bush tax cuts permanent, 53 00:02:44,834 --> 00:02:48,033 even for the wealthiest 2% of Americans. 54 00:02:48,033 --> 00:02:51,700 We'd be digging ourselves into an even deeper fiscal hole and 55 00:02:51,700 --> 00:02:54,500 passing the burden on to our children. 56 00:02:54,500 --> 00:02:56,500 I recognize that both parties are going to have to work 57 00:02:56,500 --> 00:02:59,934 together and compromise to get something done here. 58 00:02:59,934 --> 00:03:03,033 But I want to make my priorities clear from the start. 59 00:03:03,033 --> 00:03:06,399 One: middle class families need permanent tax relief. 60 00:03:06,400 --> 00:03:09,166 And two: I believe we can't afford to borrow and spend 61 00:03:09,166 --> 00:03:12,799 another $700 billion on permanent tax cuts for 62 00:03:12,800 --> 00:03:15,333 millionaires and billionaires. 63 00:03:15,333 --> 00:03:17,667 There are new public servants in Washington, 64 00:03:17,667 --> 00:03:20,266 but we still face the same challenges. 65 00:03:20,266 --> 00:03:22,899 And you made it clear that it's time for results. 66 00:03:22,900 --> 00:03:26,166 This a great opportunity to show everyone that we got the message 67 00:03:26,166 --> 00:03:29,233 and that we're willing, in this post-election season, 68 00:03:29,233 --> 00:03:33,533 to come together and do what's best for the country we all love. 69 00:03:33,533 --> 00:03:34,566 Thanks.