PRESIDENT OBAMA: By the way, we've done all this while bringing down our deficit. After years of trillion dollar deficits, we've reined in spending. You would think sometimes listening to the folks in Washington that we haven't made any progress on that front. We wound down two wars, we changed the tax code that was too skewed towards the wealthiest Americans at the expense of the middle class. You add it all up, we've cut our deficits by more than half and they continue to go down faster than any time since World War II. Our business has created 7.8 million new jobs over the past 44 months America has gone farther, has recovered faster than most other industrialized nations, but as Mellody said, we have more work to do.