He said he would reinstitute a pay-as-you-go rule that calls for spending reductions to match increases and would shun what he said were the past few years’ "casual dishonesty of hiding irresponsible spending with clever accounting tricks." He called the long-term solvency of Social Security "the single most pressing fiscal challenge we face by far" and said reforming health care, including burgeoning entitlement programs, was a huge priority.
What Obama really said:
Now, I want to be very clear: While we are making important progress towards fiscal responsibility this year in this budget, this is just the beginning. In the coming years, we’ll be forced to make more tough choices and do much more to address our long-term challenges, from the rising cost of health care that Peter described, which is the single most pressing fiscal challenge we face by far, to the long-term solvency of Social Security.
The rising cost of health care is the single most pressing fiscal challenge we face by far. It’s pretty clear. There’s really no ambiguity.
Dean Baker, who was at yesterday’s summit, writes about the Social Security vipers who smell blood and think this is their big chance to start hacking away at the edges. I know the GOP lust to do so has everyone chomping at the bit, but Sidoti is getting ahead of herself .