–Still Important Votes to Be Taken

WASHINGTON (MNI) – The following is the White House transcript of
President Obama’s remarks Sunday night announcing a tentative agreement
to raise the debt limit:

8:40 P.M. EDT

THE PRESIDENT: Good evening. There are still some very important
votes to be taken by members of Congress, but I want to announce that
the leaders of both parties, in both chambers, have reached an agreement
that will reduce the deficit and avoid default — a default that would
have had a devastating effect on our economy.

The first part of this agreement will cut about $1 trillion in
spending over the next 10 years — cuts that both parties had agreed to
early on in this process. The result would be the lowest level of
annual domestic spending since Dwight Eisenhower was President — but at
a level that still allows us to make job-creating investments in things
like education and research. We also made sure that these cuts wouldn’t
happen so abruptly that they’d be a drag on a fragile economy.

Now, I’ve said from the beginning that the ultimate solution to our
deficit problem must be balanced. Despite what some Republicans have
argued, I believe that we have to ask the wealthiest Americans and
biggest corporations to pay their fair share by giving up tax breaks and
special deductions. Despite what some in my own party have argued, I
believe that we need to make some modest adjustments to programs like
Medicare to ensure that they’re still around for future generations.

That’s why the second part of this agreement is so important. It
establishes a bipartisan committee of Congress to report back by
November with a proposal to further reduce the deficit, which will then
be put before the entire Congress for an up or down vote. In this
stage, everything will be on the table. To hold us all accountable for
making these reforms, tough cuts that both parties would find
objectionable would automatically go into effect if we don’t act. And
over the next few months, I’ll continue to make a detailed case to these
lawmakers about why I believe a balanced approach is necessary to finish
the job.

** Market News International Washington Bureau: 202-371-2121 **

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