To get our fiscal house in order, we must cut spending, but we must also close tax loopholes for special interests and ask the wealthiest Americans to pay their fair share.

Now, many of these plans will cost money, which is why I've laid out how I'll pay for every dime - by closing corporate loopholes and tax havens that don't help America grow.

The budget surplus he inherited is now a deficit, the fiscal hole in America's retiree programmes is bigger than ever, the tax system is an unstable, patched-up mess.