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Congressman Bob Latta (R-Bowling Green) issued the following statement after President Obama’s speech on deficit reduction:

“Today’s political theater is simply just that, an act that does not produce a meaningful plan for deficit reduction. President Obama had the opportunity to address deficit reduction with his 2012 budget proposal; he failed then, as he did today.

“The nonpartisan Congressional Budget Office has estimated that President Obama’s 2012 budget would produce $9.5 trillion in deficits over the next decade. We have arrived at such an uncontrollable deficit problem due to Washington’s overspending, something neither the President’s deficit speech nor any of the plans laid out in his budget corrects.       

“The only way to lower our deficit is by cutting spending and reducing taxes. The current Republican plan will lower the deficit by $4.4 trillion compared to the President’s budget over the next ten years.

“President Obama needs to face reality: Washington has a spending problem, not a revenue problem and the only way to restore our economy is with a comprehensive plan that calls for true tax and budget reform.”