At last Friday’s press conference, President Obama reviewed the status of talks with Republicans over the debt ceiling and reiterated his determination to “get our fiscal house in order.” He added:
We have a unique opportunity to do something big. We have a chance to stabilize America’s finances for a decade, for 15 years, or 20 years, if we’re willing to seize the moment.
Now, what that would require would be some shared sacrifice and a balanced approach that says we’re going to make significant cuts in domestic spending. And I have already said I am willing to take down domestic spending to the lowest percentage of our overall economy since Dwight Eisenhower. (emphasis added)