Obama Blames Bush, Warns of 'Armageddon'

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PRESIDENT BARACK OBAMA:  It turns out we don’t have to do anything radical to solve this problem. Contrary to what some folks say, we’re not Greece, we’re not Portugal. It turns out that our problem is we cut taxes without paying for them over the last decade. We ended up instituting new programs, like a prescription drug program for seniors that was not paid for. We fought two wars, we didn’t pay for them. We had a bad recession that required a Recovery Act and stimulus spending and helping states, accumulated, and there’s interest on top of that. And to unwind that, what’s required is that we roll back those tax cuts on the wealthiest individuals. ( Read more at Fox Nation )