Fears of the Greek crisis spreading to larger, more crucial markets like Italy and Spain were addressed Friday, when Italy announced plans to speed up austerity measures in order to achieve a balanced budget by 2013.

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You know that there is no way to achieve a balanced approach -- to achieve a significant compromise on deficit and debt reduction in a budget compromise without a balanced approach.

WHITEHOUSE: Press Briefing

The President has consistently put forward proposals that achieve that goal in a balanced way -- the submission to the super committee, his budget, his proposal to Speaker of the House John Boehner.

WHITEHOUSE: Press Briefing

It will be interesting to see if all those in favor of smaller government and a balanced budget in the abstract will be willing to do what is necessary to achieve them.

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