make sure that you can afford a higher education.Â And to encourage a renewed spirit of national service for this and future generations, I ask this Congress to send me the bipartisan legislation that bears the name of Senator Orrin Hatch as well as an American who has never stopped asking what he can do for his country — Senator Edward Kennedy.
These education policies will open the doors of opportunity for our children.Â But it is up to us to ensure they walk through them.Â In the end, there is no program or policy that can substitute for a mother or father who will attend those parent/teacher conferences, or help with homework after dinner, or turn off the TV, put away the video games, and read to their child.Â I speak to you not just as a President, but as a father when I say that responsibility for our children’s education must begin at home.
There is, of course, another responsibility we have to our children.Â And that is the responsibility to ensure that we do not pass on to them a debt they cannot pay.Â With the deficit we inherited, the cost of the crisis we face, and the long-term challenges we must meet, it has never been more important to ensure that as our economy recovers, we do what it takes to bring this deficit down.
I’m proud that we passed the recovery plan free of earmarks, and I want to pass a budget next year that ensures that each dollar we spend reflects only our most important national priorities.
Yesterday, I held a fiscal summit where I pledged to cut the deficit in half by the end of my first term in office.Â My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs.Â As you can imagine, this is a process that will take some time.Â But we’re starting with the biggest lines.Â We have already identified two trillion dollars in savings over the next decade.
In this budget, we will end education programs that don’t work and end direct payments to large agribusinesses that don’t need them.Â We’ll eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defense budget so that we’re not paying for Cold War-era weapons systems we don’t use.Â We will root out the waste, fraud, and abuse in our Medicare program that doesn’t make our seniors any healthier, and we will restore a sense of fairness and balance to our tax code by finally ending the tax breaks for corporations that ship our jobs overseas.
In order to save our children from a future of debt, we will also end the tax breaks for the wealthiest 2% of Americans.Â But let me perfectly clear, because I know you’ll hear the same old claims that rolling back these tax breaks means a massive tax increase on the American people:Â if your family earns less than $250,000 a year, you will not