“Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment? And I think I know your answer.” – Ronald Reagan
Protests planned nationwide at Congressional offices over deficit issue
View video and read full text of President Obama’s speech and full text of President Obama’s speech
View full text of Republican Speaker John Boehmer’s response
July 26, 2011 (Washington D.C.) – In a special address to the nation last night, President Barack Obama invoked the words of Ronald Reagan and urged the American people to let their representatives know if they support a balanced approach to resolving the deficit that would include a combination of deep spending cuts but also ask “millionaires and billionaires” to make some sacrifices to avoid cuts that would hurt senior citizens, students and working people.
Thus far, Republicans have insisted on a cuts-only plan as a condition of raising the debt ceiling to prevent the nation from defaulting for the first time in history on its debts. Republican Speaker John Boehmer insists Congress and the nation must "live within their means" as small businesses and families must do.