Obama on Budget: We All Have to Give a Little

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President Barack Obama defended his proposed 2012 budget plan at a news conference Tuesday, saying it put the country on a path to pay for what it spends by the middle of the decade. 

"There's going to be a lot of ups and downs in the coming months as we get to that solution," the president said. "I'm confident that we can get this done."  "Everybody's going to have to give a little bit," he added.

Meanwhile, Republicans picked apart the White House's $3.7 trillion plan. They said it doesn't go nearly far enough to tackle Washington's addiction to spending, dismissing it as "debt on arrival."

"This is not an 'I got the message' budget," said Sen. Mitch McConnell, R-Ky. "It's unserious and it's irresponsible."

President Obama's budget claims over $1 trillion in deficit reduction over the next 10 years.

The reduction comes from some spending cuts and anywhere from $1.5 to $2 trillion in higher taxes. However, Republicans believe the budget with a $1.6 trillion deficit projected next year -- the largest ever -- doesn't cut enough.

"We got a punt," said Rep. Paul Ryan, R-Wisc. "The president punted. That's not leadership. That's an abdication of leadership."

The administration's budget provides more money for education, technology and clean energy. That puts it at odds with the GOP-controlled U.S. House of Representatives, which has proposed tens of billions of dollars in cuts to hundreds of programs.

"We've looked at these numbers and these numbers are very, very clear," Ryan said. "You really cannot borrow and spend and tax your way to prosperity. But unfortunately that is exactly what this budget does."

This year's record deficit will add even more to the national debt and soon the national debt will be bigger than overall U.S. economy.

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