PRESIDENT BARACK OBAMA: “Look, balancing the budget in part depends on how fast you grow. You remember, you were in the Clinton administration. The reason that you guys balanced it was a combination of some tax hikes, some spending cuts, and the economy grew.
And, so, you know, my goal is not to chase a balanced budget just for the sake of balance. My goal is how do we grow the economy, put people back to work, and if we do that we’re gonna be bringin’ in more revenue. If we’ve controlled spending and we’ve got a smart entitlement package, then potentially what you have is balance. But it’s not balance on the backs of, you know, the poor, the elderly, students who need student loans, families who’ve got disabled kids. That’s not the right way to balance”