Spratt Reaction to President Obama’s Speech

House Budget Committee Chairman John Spratt (D-SC) issued the following statement on President Obama’s speech.

“The Bush Administration passed on to President Obama an economy in crisis and a budget in deficit – deep deficit, $1.4 trillion this year alone. Tonight’s speech shows that President Obama is not flinching or stalling; he’s taking the challenge head-on.

“The President recognized that the economy’s recovery is our most compelling problem, and I agree with him. He restated his commitment to putting the economy on its feet and the budget on a path toward balance. Yesterday’s fiscal summit at the White House set the stage for tonight’s address, when the President stated his determination to cut the deficit by half by 2013. This will not be easy, because balancing the budget when the economy is in recession is all but impossible, and what we do to make the economy better often makes the deficit worse, at least in the short-run.

“We cannot turn this battleship around overnight. But this speech signals the President’s intention to come out fighting. He intends to fire up the economy, bring down the deficit, and still do energy, education, and health care. He has lots of political capital, and is investing it in a big, bold venture, and betting that the Congress and the country will follow.

“If the reaction on the House floor is any measure, Congress is responding. Republicans stood and applauded almost as often as Democrats. That’s a sure sign of a great speech.”