Washington (CNN) – Pennsylvania Sen. Pat Toomey in the Republican weekly address Saturday forewarned viewers and listeners that America may soon mirror the current period in Europe he describes as being fraught with economic and social unrest.
"Across the Atlantic, we're watching a fiscal disaster unfold in Europe with social unrest, riots in the streets, governments failing, financial markets imploding and imminent bankruptcy," Toomey said. "Sadly, this is the inevitable result of an extended period of inadequate economic growth and wildly excessive debt."
"I'm concerned that this administration and many in Congress are pursuing the very same policies. With its job-killing taxes and regulations and record-breaking spending, this administration has put us on a path that leads to Europe's destination," Toomey continued.
The Keystone State senator promoted a plan proposed by Republican members of the Joint Select Committee on Deficit Reduction that he said "replaces our current tax code with a simpler and fairer version that will encourage small businesses to expand and hire new workers and encourage creative hardworking Americans to open new businesses."
Toomey said the plan also addresses spending, which he considers another fiscally stifling habit of the current administration.
"Now, in addition to kick-starting our economy with tax reform, our proposal will curb the deficit by cutting spending," Toomey said. "After all, the problem is not that Americans are under-taxed, but that our government overspends."
In his White House weekly address delivered from Indonesia, President Barack Obama said he "was proud to join leaders from some of our nation's top companies as they announced trade deals that will support nearly 130,000 American jobs and potentially increase U.S. exports by up to $39 billion."
"No market is more important to our economic future than the Asia Pacific – a region where our exports already support five million American jobs," Obama said. "We have to restore America's manufacturing might, which is what helped us build the largest middle-class in history."
The president explained he recently "worked with President Medvedev of Russia to pursue trade that would increase exports and jobs for American manufacturers and farmers."