The President announced of his plans to cut the budget by four trillion dollars over the next twelve years.
In his speech on 2012 budget Wednesday, President Obama referred to the need to balance the budget for the future economy and for the world.
The President said, the social security and Medicare, and national security consist of two thirds of the budget, and those issues must be addressed to cut the deficit. He said the his plans will reduce the rising medical costs and help lower the ever getting higher insurance premiums.
The President mentioned the unfairness of the tax systems as well on big corporations that ship jobs overseas and the tax cuts for the riches that resulted the last years negotiations amounts to one trillion of dollars.
The top 1% get 35% of the overall incomes of this nation. While the income level of the bottom 98% declined over the decade, the top 1% are getting more -- a quarter of a million each on average.
The President quoted the Chairman of the Joint Chiefs of Staff Mullen's word saying the greatest national threat in this nation now is the debts that are accumulated over the years including the war expenses in the previous administration. The half of the debts, the government bonds, are owned by foreign entities, and the half of that amount is owned by the Chinese government. The dollar reserves that the Chinese government possesses now exceeds three trillion dollars.
In his speech on 2012 budget Wednesday, President Obama referred to the need to balance the budget for the future economy and for the world.
The President said, the social security and Medicare, and national security consist of two thirds of the budget, and those issues must be addressed to cut the deficit. He said the his plans will reduce the rising medical costs and help lower the ever getting higher insurance premiums.
The President mentioned the unfairness of the tax systems as well on big corporations that ship jobs overseas and the tax cuts for the riches that resulted the last years negotiations amounts to one trillion of dollars.
The top 1% get 35% of the overall incomes of this nation. While the income level of the bottom 98% declined over the decade, the top 1% are getting more -- a quarter of a million each on average.
The President quoted the Chairman of the Joint Chiefs of Staff Mullen's word saying the greatest national threat in this nation now is the debts that are accumulated over the years including the war expenses in the previous administration. The half of the debts, the government bonds, are owned by foreign entities, and the half of that amount is owned by the Chinese government. The dollar reserves that the Chinese government possesses now exceeds three trillion dollars.
The American I know is generous, compassionate. It is a land of opportunity and optimism. ... We have lead the world in scientific research and technological breakthroughs that have transformed the millions of lives. That is what we are. This is the American that I know. ... To meet our fiscal challenge, we will need make reforms. ... But we do not have to sacrifice the American that we believe in. (President Obama)