It’s time for the sensible center to rise up and push for a rational approach to our fiscal challenges.

We have an imperative need to address our unsustainable longer-term fiscal trajectory with sound economic policies. Few elected officials want to face this fact, but, at the very least, they should not make matters worse.

What is needed now is a long-term solution so we don’t go through this drama every few months.

People, whether they're Democrats, independents, or Republicans, were saying that they desperately wanted to see a balance restored on a state and federal level

For the next few years times will not be normal. Perhaps people have used the words 'economic crisis' too often in the past. They have shouted 'wolf, wolf' when the animal was more akin to a rather disagreeable Yorkshire terrier. But not now. The crisis that faces us is infinitely more serious than any of the crises we have faced over the past 20 years...With its usual spirit of patriotism and its tradition of service to the community's needs, it is coming to realize that, for the time being at least, the party is over...We are not calling for a headlong retreat. But we are calling for a standstill.

People were tired of wasteful government programs and welfare chiselers; and they were angry about the constant spiral of taxes and government regulations, arrogant bureaucrats, and public officials who thought all of mankind’s problems could be solved by throwing the taxpayers’ dollars at them.

There is a natural instinct that pushes for a return to old institutions and a quick economic recovery. This, for us, would be the worst outcome. We must use this opportunity to envision a better future.

I realize that tax reform and entitlement reform will not be easy. The politics will be hard for both sides. None of us will get 100 percent of what we want. But the alternative will cost us jobs, hurt our economy, visit hardship on millions of hardworking Americans. So let’s set party interests aside and work to pass a budget that replaces reckless cuts with smart savings and wise investments in our future. And let’s do it without the brinksmanship that stresses consumers and scares off investors. The greatest nation on Earth cannot keep conducting its business by drifting from one manufactured crisis to the next. We can’t do it. Let’s agree right here, right now to keep the people’s government open, and pay our bills on time, and always uphold the full faith and credit of the United States of America. The American people have worked too hard, for too long, rebuilding from one crisis to see their elected officials cause another.

This is not the time for political fun and games. This is the time for a new beginning. I ask you now to put aside any feelings of frustration or helplessness about our political institutions and join me in this dramatic but responsible plan to reduce the enormous burden of Federal taxation on you and your family.

That deterioration, if you like, has to be addressed in the context of the Government being prepared to look at further programmes to see what way we can ensure that going into next year, as challenging as it may be, to see in what way we can seek to help stabilise the finances further.

The long term solution to the financial crisis is to move beyond the ‘growth at all costs’ economic model to a model that recognizes the real costs and benefits of growth.

Economy à la Sir George May will not help much; for it means nothing positive. ... We need, if not a Five Years Plan, at any rate a centrally controlled attempt to readjust industry and agriculture to the changing needs of the British consumer and of the world market, with less exclusive concentration on the old staple industries and far more attention to the development of those which have a real capacity for expansion.

We're going to see more changes in the next 10 years than we've seen in the last 50 years. … The questions we must answer today are not about how much we trade, but about how we build resilience, lift up working people, reduce carbon emissions, and set up our economies to succeed over the long run. How to deliver growth from the bottom up and the middle out so no one gets left behind.

What we want before all things is a bold retrenchment of expenditure. I may take a too one-sided view of the matter, but I consider nine-tenths of all our future dangers to be financial, and when I came home from the continent, it was with a determination to go on with fiscal reform and economy as a sequence to Free Trade.