WASHINGTON (CNN) - President Obama, in his weekly address Saturday, said the country cannot "settle for a future of rising deficits and debts that our children cannot pay."
"One of the pillars of that foundation must be fiscal discipline. We came into office facing a budget deficit of $1.3 trillion for this year alone, and the cost of confronting our economic crisis is high," he said. "All across America, families are tightening their belts and making hard choices. Now, Washington must show that same sense of responsibility."
Obama said his administration has identified two trillion dollars in deficit-reductions over the next decade, "while taking on the special interest spending that doesn't advance the peoples' interests."