(CNN)-President Obama proclaimed "good news for the American people" in his weekly address Saturday when he stated that the agreement reached by Republicans and Democrats would "avert a government shutdown, cut spending, and invest in our future."
The president explained that the agreement, made in the late hours of Friday and reached before the last spending agreement expired, meant that "small businesses can get the loans they need," "families can get the mortgages they applied for," "folks can visit our national parks and museums" and paychecks, including those for the military, will be delivered on time.
"This is an agreement to invest in our country's future while making the largest annual spending cut in our history," he said.
Obama advised that the agreed-upon $38.5 billion in spending cuts will be "painful" and relied-upon programs will be cut back while infrastructure projects will be delayed. But, he said, "beginning to live within our means is the only way to protect the investments that will help America compete for new jobs," as well as invest in education, student loans, and medical research.
Comparing spending cuts to sacrifices that families make in tough times, the president said that "reducing spending while still investing in the future is just common sense."
And he praised bipartisan cooperation that led to the agreement.
"That's what the American people expect us to do," said Obama. "And it's what the American people deserve."
"It's no secret our government has a spending problem," House Budget Committee Chair Paul Ryan said, as he used the GOP weekly address to outline "The Path to Prosperity," a plan introduced by the House Budget Committee that calls for $6.2 trillion in spending cuts over the next ten years.
Ryan also trumpeted "the largest spending cut in American history," calling the budget agreement made late Friday night "good news for job creators in America." Still, he said, "more has to be done to put our nation on a true path to prosperity."
And the plan proposed by the House Budget Committee will "move the debate in Washington from billions in spending cuts to trillions," Ryan said.
The seven-term congressman from Wisconsin explained motivation behind the "Path to Prosperity" budget, saying, "it is unconscionable to leave the next generation with a crushing burden of debt and a nation in decline."
Calling the House Budget Committee plan a "jobs budget" that advances "pro-growth tax reforms," Ryan warned that "Washington has not been telling you the truth about the magnitude of the problems we are facing…If we stay on the current path, we are heading toward a debt-fueled economic crisis."
To avoid "government spending on health and retirement programs" that "will crowd out spending on everything else," Ryan said his proposed budget will keep government spending "consistent with the historical average of 20 percent," and "keep borrowing in check."
"This Path to Prosperity lifts this crushing burden of debt that is threatening our economy and our children's future," said Ryan.
"We have a legacy to fulfill. It is time for all of us to get to work, put an end to the empty promises, and advance a plan to prosperity."