English subtitles for clip: File:2012-12-29 President Obama's Weekly Address.ogv

1
00:00:05,958 --> 00:00:07,458
The President:
Hi, everybody.

2
00:00:07,458 --> 00:00:09,825
For the past couple of months,
I've been working with people in

3
00:00:09,825 --> 00:00:12,625
both parties -- with the help
of business leaders and ordinary

4
00:00:12,625 --> 00:00:15,591
Americans -- to come together
around a plan to grow the

5
00:00:15,591 --> 00:00:18,124
economy and shrink our deficits.

6
00:00:18,124 --> 00:00:21,657
It's a balanced plan -- one that
would protect the middle class,

7
00:00:21,658 --> 00:00:23,491
cut spending in a
responsible way,

8
00:00:23,491 --> 00:00:27,291
and ask the wealthiest
Americans to pay a little more.

9
00:00:27,291 --> 00:00:29,291
And I'll keep working with
anybody who's serious about

10
00:00:29,291 --> 00:00:32,191
getting a comprehensive
plan like this done --

11
00:00:32,191 --> 00:00:35,224
because it's the right thing
to do for our economic growth.

12
00:00:35,224 --> 00:00:38,224
But we're now at the point
where, in just a couple of days,

13
00:00:38,224 --> 00:00:41,391
the law says that every
American's tax rates are

14
00:00:41,391 --> 00:00:42,824
going up.

15
00:00:42,825 --> 00:00:45,958
Every American's paycheck
will get a lot smaller.

16
00:00:45,958 --> 00:00:49,458
And that would be the wrong
thing to do for our economy.

17
00:00:49,458 --> 00:00:51,291
It would hurt
middle-class families,

18
00:00:51,291 --> 00:00:54,958
and it would hurt the businesses
that depend on your spending.

19
00:00:54,958 --> 00:00:59,024
And Congress can prevent it
from happening, if they act now.

20
00:00:59,024 --> 00:01:01,558
Leaders in Congress are working
on a way to prevent this tax

21
00:01:01,558 --> 00:01:04,458
hike on the middle class, and I
believe we may be able to reach

22
00:01:04,458 --> 00:01:08,024
an agreement that can
pass both houses in time.

23
00:01:08,024 --> 00:01:11,358
But if an agreement
isn't reached on time,

24
00:01:11,358 --> 00:01:14,792
then I'll urge the Senate to
hold an up-or-down vote on a

25
00:01:14,792 --> 00:01:17,591
basic package that protects the
middle class from an income tax

26
00:01:17,591 --> 00:01:21,058
hike, extends vital unemployment
insurance for Americans looking

27
00:01:21,058 --> 00:01:24,525
for a job, and lays the
groundwork for future progress

28
00:01:24,525 --> 00:01:27,758
on more economic growth
and deficit reduction.

29
00:01:27,758 --> 00:01:31,357
I believe such a proposal could
pass both houses with bipartisan

30
00:01:31,358 --> 00:01:34,825
majorities -- as long as these
leaders allow it to come

31
00:01:34,825 --> 00:01:36,291
to a vote.

32
00:01:36,291 --> 00:01:39,425
If they still want to vote no,
and let tax hikes hit the middle

33
00:01:39,425 --> 00:01:41,758
class, that's their
prerogative --

34
00:01:41,758 --> 00:01:44,824
but they should let
everybody else vote as well.

35
00:01:44,825 --> 00:01:47,158
That's the way this
is supposed to work.

36
00:01:47,158 --> 00:01:49,958
We just can't afford a
politically self-inflicted wound

37
00:01:49,958 --> 00:01:51,325
to our economy.

38
00:01:51,325 --> 00:01:54,191
The economy is growing, but
keeping it that way means that

39
00:01:54,191 --> 00:01:58,325
the folks you sent to Washington
have to do their jobs.

40
00:01:58,325 --> 00:02:00,825
The housing market is healing,
but that could stall if folks

41
00:02:00,825 --> 00:02:02,958
are seeing smaller paychecks.

42
00:02:02,958 --> 00:02:05,991
The unemployment rate is the
lowest it's been since 2008,

43
00:02:05,991 --> 00:02:08,625
but already, families and
businesses are starting to hold

44
00:02:08,625 --> 00:02:12,725
back because of the dysfunction
they see in Washington.

45
00:02:12,725 --> 00:02:14,158
You meet your deadlines.

46
00:02:14,158 --> 00:02:17,024
You meet your responsibilities
every single day.

47
00:02:17,024 --> 00:02:20,358
The folks you sent here to
serve should do the same.

48
00:02:20,358 --> 00:02:22,991
We cannot let Washington
politics get in the way of

49
00:02:22,991 --> 00:02:24,558
America's progress.

50
00:02:24,558 --> 00:02:27,391
We've got to do what it takes
to protect the middle class,

51
00:02:27,391 --> 00:02:31,090
grow this economy, and
move our country forward.

52
00:02:31,091 --> 00:02:32,091
Thanks, everybody.