The automobile lobbyists have gobs of it; the public, zilch.

Tonight, I am greatly heartened to look out across this chamber and see, for what may be the first time, Democrats and Republicans sitting side-by-side, a clear and unambiguous indication to me that we have all taken to heart the need to listen to each other, work together and do so in good faith and with dedication to the American people for whom we all strive daily to do the best job possible.

Last week, the Republicans delivered their proposal for getting the government's spending under control.  But this will not be the Republicans' burden alone: we all share that burden and are committed to easing it as fairly and, we hope, as painlessly as possible.  You all may remember that last year, I signed an Executive Order establishing a commission whose specific purpose was to find ways for us to address the out-of-control spending that has been ravaging our economy and threatening to delay or stop altogether the slow progress we have been making to get the economy back on track.

The Deficit Commission was also a bipartisan undertaking, which is really the only way we can reasonably address the problems that face all Americans, not just Democrats and not just Republicans.  I have been pleased to note that the ideas of the commission were positively embraced on both sides of the aisle, and that both Democratic and Republican members of Congress have been working since the commission disbanded to see about implementing some of the ideas in the co-chairs' report.

My economic team is studying the Republican proposals, and I will shortly have a comprehensive response to share with them and with the American people.  I noted that the proposal has not addressed the need to strengthen programs such as Medicare and Social Security, so that when future generations retire, they can be assured that these programs will be there for them.  As the wave of baby-boom retirements begins, I believe we must begin to address these programs now, and can do so in a responsible way.

To the current seniors of America, do not panic; nothing is changing for you.  To those within 10 years of retirement, do not panic; we do not intend to make changes for you, either.  But for those of you more than 10 years from retirement age, I will propose some modest changes that could affect you.  If, by the time you retire, you have other income, from pensions or IRAs or 401(k)s, it is possible your Social Security could be reduced; if Social Security is all the income you will have, your benefits could be increased.

While it is tempting to leave the older generation out of the equation in terms of becoming a fiscally sound nation, I believe that all of us must be a part of the changes that need to be made.