Weekly Address: Homeownership

it is unsustainable. For years, as Wall Street used accounting tricks to conceal costs and avoid responsibility, Washington did, too.

These kinds of irresponsible budgets — and inexcusable practices — are now in the past. For the first time in many years, my administration has produced a budget that represents an honest reckoning of where we are and where we need to go.

It’s also a budget that begins to make the hard choices that we’ve avoided for far too long — a strategy that cuts where we must and invests where we need. That’s why it includes $2 trillion in deficit reduction, while making historic investments in America’s future. That’s why it reduces discretionary spending for non-defense programs as a share of the economy by more than 10 percent over the next decade — to the lowest level since they began keeping these records nearly half a century ago. And that’s why on Wednesday, I signed a presidential memorandum to end unnecessary no-bid contracts and dramatically reform the way contracts are awarded — reforms that will save the American people up to $40 billion each year.

Finally, because we cannot bring our deficit down or grow our economy without tackling the skyrocketing cost of health care, I held a health care summit on Thursday to begin the long-overdue process of reform. Our ideas and opinions about how to achieve this reform will vary, but our goal must be the same: quality, affordable health care for every American that no longer overwhelms the budgets of families, businesses, and our government.

Yes, this is a moment of challenge for our country. But we’ve experienced great trials before. And with every test, each generation has found the capacity to not only endure, but to prosper — to discover great opportunity in the midst of great crisis. That is what we can and must do today. And I am absolutely confident that is what we will do. I’m confident that at this defining moment, we will prove ourselves worthy of the sacrifice of those who came before us, and the promise of those who will come after.

(Source: White House)

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