We're in a transitional period, and I want to make sure I have a team in place that is with us for, at a minimum, the remainder of this year and to some extent beyond that.
These are not cuts, these are modest reductions in the rate of growth.
This will not be the last request for the response to the disaster there. We anticipate that there will be a need for additional supplemental spending, especially in the process of recovery there in the Gulf area.
In order to keep the deficit on this declining path, we must continue to do two things: First, keep the economy growing; and second, restrain spending.
Efforts to restrain growth in mandatory spending are vital - not just for our near-term deficit reduction efforts - but especially for the long term. Toward the end of the next decade, deficits stemming largely from entitlement programs ... will begin to rise indefinitely. No plausible amount of spending cuts in discretionary accounts or tax increases could possibly solve this problem.
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