July25, 2011 - 9:01 P.M. EDT
THE PRESIDENT: Good evening. Tonight, I want to talk about the debate we’ve been having in Washington over the national debt -- a debate that directly affects the lives of all Americans.
For the last decade, we’ve spent more money than we take in. In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation’s credit card.