(CNN) - "From some on the right, I expect we'll hear a different argument – that if we just make fewer investments in our people, extend tax cuts for wealthier Americans, eliminate more regulations and maintain the status quo on health care, our deficits will go away. The problem is that's what we did for eight years. That's what helped lead us into this crisis. It's what helped lead to these deficits. And we cannot do it again."