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President Barack Obama knows the federal government has a big spending problem, and he is not reluctant to point it out. "The American people deserve to have their leaders come together to make the tough choices necessary to live within our means, just as American families do every day in these tough economic times," the White House said in November.

In his State of the Union address, Obama was not so keen on preaching austerity. As part of his plan to create an economy that is "built to last," he said it's necessary to "pay down our debt and invest in our future."