When I finished school, I owed over 100,000 dollars in student loans, a debt I paid off just a few months ago. Today, many graduates face massive student debt. We must give students more information on the costs and benefits of the student loans theyíre taking out.
All these measures are key to helping the economy grow. But we wonít be able to sustain a vibrant middle class unless we solve our debt problem.
Every dollar our government borrows is money that isnít being invested to create jobs. And the uncertainty created by the debt is one reason why many businesses arenít hiring.
The President loves to blame the debt on President Bush. But President Obama created more debt in four years than his predecessor did in eight.
The real cause of our debt is that our government has been spending 1 trillion dollars more than it takes in every year. Thatís why we need a balanced budget amendment.
The biggest obstacles to balancing the budget are programs where spending is already locked in. One of these programs, Medicare, is especially important to me. It provided my father the care he needed to battle cancer and ultimately die with dignity. And it pays for the care my mother receives now.
I would never support any changes to Medicare that would hurt seniors like my mother. But anyone who is in favor of leaving Medicare exactly the way it is right now, is in favor of bankrupting it.
Republicans have offered a detailed and credible plan that helps save Medicare without hurting todayís retirees. Instead of playing politics with Medicare, when is the President going to offer his plan to save it? Tonight would have been a good time for him to do it.
Of course, we face other challenges as well. We were all heart broken by the recent tragedy in Connecticut. We must effectively deal with the rise of violence in our country. But unconstitutionally undermining the 2nd Amendment rights of law-abiding Americans is not the way to do it.
On foreign policy, America continues to be indispensable to the goal of global liberty, prosperity and safeguarding human rights. The world is a better place when America is the strongest nation on earth. But we canít remain powerful if we donít have an economy that can afford it.
In the short time Iíve been here in Washington, nothing has frustrated me more than false choices like the ones the President laid out tonight.
The choice isnít just between big government or big business. What we need is an accountable, efficient and effective government that allows small and new businesses to create middle class jobs.
We donít have to raise taxes to avoid the Presidentís devastating cuts to our military. Republicans have passed a plan that replaces these cuts with responsible spending reforms.
In order to balance our budget, the choice doesnít have to be either higher taxes or dramatic benefit cuts for those in need. Instead we should grow our economy so that we create new taxpayers, not new taxes, and so our government can afford to help those who truly cannot help themselves.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.