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President Obama Announces Fiscal Year 2014 Budget

President Obama Announces Fiscal Year 2014 Budget

By President Barack Obama - April 10, 2013

Good morning, everybody. Please, please have a seat. Well, as President, my top priority is to do everything I can to reignite what I consider to be the true engine of the American economy: a rising, thriving middle class. That’s what I think about every day. That’s the driving force behind every decision that I make.

And over the past three years, our businesses have created nearly 6.5 million new jobs. But we know we can help them create more. Corporate profits are at an all-time high. But we have to get wages and incomes rising, as well. Our deficits are falling at the fastest pace in years. But we can do more to bring them down in a balanced and responsible way.

The point is, our economy is poised for progress -- as long as Washington doesn’t get in the way. Frankly, the American people deserve better than what we’ve been seeing: a shortsighted, crisis-driven decision-making, like the reckless, across-the-board spending cuts that are already hurting a lot of communities out there -- cuts that economists predict will cost us hundreds of thousands of jobs during the course of this year.

If we want to keep rebuilding our economy on a stronger, more stable foundation, then we’ve got to get smarter about our priorities as a nation. And that’s what the budget I’m sending to Congress today represents -- a fiscally responsible blueprint for middle-class jobs and growth.

For years, the debate in this town has raged between reducing our deficits at all costs, and making the investments necessary to grow our economy. And this budget answers that argument, because we can do both. We can grow our economy and shrink our deficits. In fact, as we saw in the 1990s, nothing shrinks deficits faster than a growing economy. That’s been my goal since I took office. And that should be our goal going forward.

At a time when too many Americans are still looking for work, my budget begins by making targeted investments in areas that will create jobs right now, and prime our economy to keep generating good jobs down the road. As I said in my State of the Union address, we should ask ourselves three questions every day: How do we make America a magnet for new jobs? How do we give our workers the skills they need to do those jobs? And how do we make sure that hard work leads to a decent living?

To make America a magnet for good jobs, this budget invests in new manufacturing hubs to help turn regions left behind by globalization into global centers of high-tech jobs. We’ll spark new American innovation and industry with cutting-edge research like the initiative I announced to map the human brain and cure disease. We’ll continue our march towards energy independence and address the threat of climate change. And our Rebuild America Partnership will attract private investment to put construction workers back on the job rebuilding our roads, our bridges and our schools, in turn attracting even more new business to communities across the country.

To help workers earn the skills they need to fill those jobs, we’ll work with states to make high-quality preschool available to every child in America. And we’re going to pay for it by raising taxes on tobacco products that harm our young people. It’s the right thing to do. (Applause.)

We’ll reform our high schools and job training programs to equip more Americans with the skills they need to compete in the 21st century economy. And we’ll help more middle-class families afford the rising cost of college.

To make sure hard work is rewarded, we’ll build new ladders of opportunity into the middle class for anybody who is willing to work hard to climb them. So we’ll partner with 20 of our communities hit hardest by the recession to help them improve housing, and education, and business investment. And we should make the minimum wage a wage you can live on -- because no one who works full-time should have to raise his or her family in poverty. (Applause.)

My budget also replaces the foolish across-the-board spending cuts that are already hurting our economy. And I have to point out that many of the same members of Congress who supported deep cuts are now the ones complaining about them the loudest as they hit their own communities. Of course, the people I feel for are the people who are directly feeling the pain of these cuts -- the people who can least afford it. They’re hurting military communities that have already sacrificed enough. They’re hurting middle-class families. There are children who have had to enter a lottery to determine which of them get to stay in their Head Start program with their friends. There are seniors who depend on programs like Meals on Wheels so they can live independently, but who are seeing their services cut.

That’s what this so-called sequester means. Some people may not have been impacted, but there are a lot of folks who are being increasingly impacted all across this country. And that's why my budget replaces these cuts with smarter ones, making long-term reforms, eliminating actual waste and programs we don’t need anymore.

So building new roads and bridges, educating our children from the youngest age, helping more families afford college, making sure that hard work pays. These are things that should not be partisan. They should not be controversial. We need to make them happen. My budget makes these investments to grow our economy and create jobs, and it does so without adding a dime to our deficits.

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