Nov. 21 - President Barack Obama blames Republicans for a congressional committee's failure to reach a deficit-cutting deal and vows to veto any attempt to water down automatic budget cuts that would kick in by early 2013. Rough Cut(no reporter narration).
There are still too many Republicans in congress who have refused to listen to the voices of reason compromises that are coming from outside of Washington. They continue to insist on protecting hundred billion dollars worth of tax cuts for the wealthiest 2% of Americans. At any cost. Even if it means reducing the deficit with deep cuts to things like education. And medical research. -- means deep cuts in Medicare. So. At this point at least they simply won't budge from that negotiating position. And so far that refusal continues to be the main stumbling block that is preventing congress from reaching an agreement further reduce or that -- Now. We are not in the same situation that we work in -- that we were in an office. There's no imminent threat to us defaulting on the debt that we all. Authority one trillion dollars worth of spending cuts that are locked in. And part of law that I signed this summer stated that it if congress could not reach an agreement on the depths of there'd be another one point two trillion dollars of automatic cuts in 2013. Divided equally between the -- spending and defenseman. One way or another. We will be trimming the deficit by a total of at least 2.2 trillion dollars over the next ten years. That's gonna happen. One way or -- we've got one trillion dollars locked in. And either congress comes up -- one point two trillion dollars which so far they've failed to do or. The sequestered its -- automatic spending cuts will occur that bring in an additional one point two trillion dollars in deficit reduction. Not a question right now is whether we can. Reduce the deficit in a way that helps the economy grow. That. Operates with a scalpel. Not with a -- And if not whether congress want to stick to the painful feel that we made in August for the automatic cuts. Already some in congress are trying to undo these automatic spending cuts. My message to them is simple. No. I will veto any effort to get rid of those automatic spending cuts to -- domestic and defenseman. There will be no easy off ramps on this. We need to keep the pressure up to compromise. Not turn off the pressure. The only way be spending cuts will not take place is if congress gets back to work and agrees on it balanced plan to reduce the deficit by at least. One point two trillion dollars. That's exactly what they need to do. The job they promised to do they still got a year to figure it out. Although congress has not come to an agreement yet. Nothing prevents them from coming up we have an agreement in the days ahead.