Obama: Fiscal Situation "Untenable" - Hit & Run : Reason Magazine

Obama: Fiscal Situation "Untenable" - Hit & Run : Reason Magazine:

I realize that we're facing an untenable fiscal situation. There was a $1.3 trillion deficit staring at me when I took office, and although the economic crisis and the steps we took to stop the freefall temporarily added to our fiscal challenges, it's clear that we're going to have to get serious about the deficit.

And that's why I've proposed a three-year freeze on non-security discretionary spending. That's why I've launched a bipartisan deficit reduction commission, which will be reporting in a few months."