English subtitles for clip: File:2011-07-30 President Obama's Weekly Address.ogv

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The President:
Today, I'd like to speak with
you about the ongoing and urgent

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efforts to avoid a first-ever
default and get our fiscal house

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in order.

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Republicans in the House of
Representatives just spent

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precious days trying to pass
a plan that a majority of

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Republicans and Democrats in the
Senate had already said they

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wouldn't vote for.

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It's a plan that wouldn't
solve our fiscal problems,

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but would force us to
re-live this crisis in just a

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few short months.

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It would hold our economy
captive to Washington politics

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once again.

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If anything, the past few
weeks have demonstrated

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that's not acceptable.

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Any solution to avoid
default must be bipartisan.

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It must have the support of both
parties that were sent here to

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represent the American people
-- not just one faction of

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one party.

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There are multiple ways
to resolve this problem.

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Congress must find common ground
on a plan that can get support

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from both parties in the
House and in the Senate.

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And it's got to be a plan
that I can sign by Tuesday.

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The parties are not
that far apart here.

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We're in rough agreement on how
much spending we need to cut to

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reduce our deficit.

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And we agree on a process
to tackle tax reform and

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entitlement reform.

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There are plenty of
ways out of this mess.

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But there is very little time.

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We need to reach a compromise by
Tuesday so that our country will

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have the ability to pay
its bills on time --

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bills like Social Security
checks, veterans' benefits,

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and contracts we've
signed with thousands of

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American businesses.

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If we don't, for
the first time ever,

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we could lose our country's
AAA credit rating.

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Not because we didn't have the
capacity to pay our bills --

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we do -- but because we didn't
have a AAA political system

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to match it.

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And make no mistake -- for
those who reflexively oppose tax

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increases on anybody, a lower
credit rating could be a tax

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increase on everybody -- we'd
all pay higher interest rates on

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mortgages, car loans,
and credit cards.

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That would be inexcusable,
and entirely self-inflicted

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by Washington.

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The power to solve
this is in our hands.

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All that's needed is a simple
vote that Democrats and

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Republicans have
taken for decades,

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including all of the
leaders in Congress today.

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It was done 18 times
under President Reagan.

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Seven times under
George W. Bush.

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And it must be done again now.

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It's not a vote that allows
Congress to spend more money.

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Raising the debt ceiling simply
gives our country the ability to

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pay the bills that Congress
has already racked up.

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It gives the United States
of America the ability to

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keep its word.

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And it lets businesses and
our economy breathe a sigh

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of relief.

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On Monday night, I asked you
to make your voice heard in

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this debate.

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And the response
was overwhelming.

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One of the emails we received
was from a woman named

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Kelly Smith, who wanted to send
this message to Washington:

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"I keep my home
clean," Kelly wrote.

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"I work hard at a full time job,
give my parents any monies I can

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so they can afford
their medications,

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I pay my bills and by
all appearances I'm a

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responsible person.

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All I'm asking is that
you be responsible.

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I have my house in order and all
I'm asking is that you get yours

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the same way."

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Here in Washington, we need
to get our house in order.

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And I have to say, Democrats
in Congress and some Senate

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Republicans have been listening
and have shown themselves

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willing to make compromises
to solve this crisis.

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Now all of us -- including
Republicans in the House of

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Representatives -- need to
demonstrate the same kind of

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responsibility that the
American people show every day.

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The time for putting
party first is over.

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The time for compromise
on behalf of the American

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people is now.

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Thank you.