US Presidency
2009

And that's the responsibility to ensure that we do not pass on to them a debt they can not pay. That is critical. I agree, absolutely. See, I know we can get some consensus in here. 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. That is critical. Now, I am proud that we passed a 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. And yesterday I held a fiscal summit where I pledged to cut the deficit in half by the end of my first term in office. My administration has also begun to go line by line through the Federal budget in order to eliminate wasteful and ineffective programs. As you can imagine, this is a process that will take some time.