Now, website like this what has the president done? He has offered a reasonable plan of $4 trillion in debt reduction over a decade, find with 2 1/2 trillion (dollars) coming from — for every $2 1/2 trillion in spending cuts, he raises a dollar in new revenues — 2 1/2-to-1. And he has tight controls on future spending. That’s the kind of balanced approach proposed by the Simpson-Bowles Commission, a bipartisan commission.
Now, I think this plan is way better than Governor Romney’s plan. First, the Romney plan failed the first test of fiscal responsibility. The numbers just don’t add up. (Laughter, applause.)
I mean, consider this. What would you do if you had this problem? Somebody says, oh, we’ve got a big debt problem. We’ve got to reduce the debt. So what’s the first thing you say we’re going to do? Well, to reduce the debt, we’re going to have another $5 trillion in tax cuts heavily weighted to upper-income people. So we’ll make the debt hole bigger before we start to get out of it.
Now, when you say, what are you going to do about this $5 trillion you just added on? They say, oh, we’ll make it up by eliminating loopholes in the tax code.
So then you ask, well, which loopholes, and how much?
You know what they say? See me about that after the election. (Laughter.)
I’m not making it up. That’s their position. See me about that after the election.
Now, people ask me all the time how we got four surplus budgets in a row. What new ideas did we bring to Washington? I always give a one-word answer: Arithmetic. (Sustained cheers, applause.)
If — arithmetic! If — (applause) — if they stay with their $5 trillion tax cut plan — in a debt reduction plan? — the arithmetic tells us, no matter what they say, one of three things is about to happen. One, assuming they try to do what they say they’ll do, get rid of — pay — cover it by deductions, cutting those deductions, one, they’ll have to eliminate so many deductions, like the ones for home mortgages and charitable giving, that middle-class families will see their tax bills go up an average of $2,000 while anybody who makes $3 million or more will see their tax bill go down $250,000. (Boos.)
Or, two, they’ll have to cut so much spending that they’ll obliterate the budget for the national parks, for ensuring clean air, clean water, safe food, safe air travel. They’ll cut way back on Pell Grants, college loans, early childhood education, child nutrition programs, all the programs that help to empower middle-class families and help poor kids. Oh, they’ll cut back on investments in roads and bridges and science and technology and biomedical research.
That’s what they’ll do. They’ll hurt the middle class and the poor and put the future on hold to give tax cuts to upper-income people who’ve been getting it all along.
Or three, in spite of all the rhetoric, they’ll just do what they’ve been doing for more than 30 years. They’ll go in and cut the taxes way more than they cut spending, especially with that big defense increase, and they’ll just explode the debt and weaken the economy. And they’ll destroy the federal government’s ability to help you by letting interest gobble up all your tax payments.
Don’t you ever forget when you hear them talking about this that Republican economic policies quadrupled the national debt before I took office, in the 12 years before I took office — (applause) — and doubled the debt in the eight years after I left, because it defied arithmetic. (Laughter, applause.) It was a highly inconvenient thing for them in our debates that I was just a country boy from Arkansas, and I came from a place where people still thought two and two was four. (Laughter, applause.) It’s arithmetic.
We simply cannot afford to give the reins of government to someone who will double down on trickle down. (Cheers, applause.) Really. Think about this: President Obama — President Obama’s plan cuts the debt, honors our values, brightens the future of our children, our families and our nation. It’s a heck of a lot better.
It passes the arithmetic test, and far more important, it passes the values test. (Cheers, applause.)
My fellow Americans, all of us in this grand hall and everybody watching at home, when we vote in this election, we’ll be deciding what kind of country we want to live in. If you want a winner-take- all, you’re-on-your-own society, you should support the Republican ticket. But if you want a country of shared opportunities and shared responsibility, a we’re-all-in-this-together society, you should vote for Barack Obama and Joe Biden. (Cheers, applause.) If you — if you want —
AUDIENCE MEMBERS: (Chanting.) Four more years! Four more years!
PRESIDENT CLINTON: If you want America — if you want every American to vote and you think it is wrong to change voting procedures — (jeers) — just to reduce the turnout of younger, poorer, minority and disabled voters — (jeers) — you should support Barack Obama. (Cheers, applause.)
And if you think — if you think the president was right to open the doors of American opportunity to all those young immigrants brought here when they were young so they can serve in the military or go to college, you must vote for Barack Obama. (Cheers, applause.) If you want a future of shared prosperity, where the middle class is growing and poverty is declining, where the American dream is really alive and well again and where the United States maintains its leadership as a force for peace and justice and prosperity in this highly competitive world, you have to vote for Barack Obama.
Look, I love our country so much. And I know we’re coming back. For more than 200 years, through every crisis, we’ve always come back. (Cheers.) People have predicted our demise ever since George Washington was criticized for being a mediocre surveyor with a bad set of wooden false teeth. (Laughter.) And so far, every single person that’s bet against America has lost money because we always come back. (Cheers, applause.) We come through ever fire a little stronger and a little better.
And we do it because in the end we decide to champion the cause for which our founders pledged their lives, their fortunes, their sacred honor — the cause of forming a more perfect union. (Cheers, applause.) My fellow Americans, if that is what you want, if that is what you believe, you must vote and you must re-elect President Barack Obama. (Cheers, applause.) God bless you and God bless America. (Cheers, applause.)