Barack Obama

“ We'll start by being honest with ourselves about the magnitude of our deficits. For too long, our budget process in Washington has been an exercise in deception -- a series of accounting tricks to hide the extent of our spending and the shortfalls in our revenue and hope that the American people won't notice: budgeting certain expenditures for just one year, when we know we'll incur them every year for five or 10 ”

“ We do ourselves no favors by hiding the truth about what we spend. In order to address our fiscal crisis, we're going to have to be candid about its scope. And that's why the budget I will introduce later this week will look ahead 10 years, and will include a full and honest accounting of the money we plan to spend and the deficits we will likely incur. ”

“ They sent us here to usher in a new era of responsibility in Washington -- to start living within our means again, and being straight with them about where their tax dollars are going, and empowering them with the information they need to hold all of us, their representatives, accountable. ”

“ We also have long-term challenges -- health care, energy, education and others -- that we can no longer afford to ignore.
But I want to be very clear, if the message was not effectively delivered by the three previous speakers: We cannot, and will not, sustain deficits like these without end. Contrary to the prevailing wisdom in Washington these past few years, we cannot simply spend as we please and defer the consequences to the next budget, the next administration, or the next generation. ”

“ So that's why I have called this summit today, and why I have invited leaders from both sides of the aisle -- because we all have a role to play in this work. I believe it is time for a frank conversation about the fiscal challenges we face. They're challenges that concern every single one of us, no matter where we are on this political spectrum. ”

“ It will require us to make difficult decisions and face challenges we've long neglected. But I refuse to leave our children with a debt that they cannot repay -- and that means taking responsibility right now, in this administration, for getting our spending under control. ”

“ You don't spend what you don't have. So if we want to spend, we'll need to find somewhere else to cut. This is the rule that families across this country follow every single day -- and there's no reason why their government shouldn't do the same. ”

“ They're modernizing their financial management system, saving an estimated $17.5 million. They're saving tens of thousands of dollars by cutting back on conferences and travel and other small expenses that add up over time. ”