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The only way to make government more efficient is to make it smaller and to make it more local.

But what we're determined to do, and what the reforms will do is to make sure this system goes back to its core purpose of taking the savings of Americans and from investors around the world and allocating those to people with an idea, not just the largest companies in the country, but to small businesses with an idea and a plan for growing.

Simplifying the tax code and reducing administrative burdens will save small businesses money and time and let owners and employees focus less on paperwork and more on how to operate in this tough economy.

Raise the taxes, and we find less money in our pockets. Lower the taxes, and we've got more money in those pockets, and we spend it on all kinds of things.

We have to be bold in our national ambitions. First, we must win the fight against poverty within the next decade. Second, we must improve moral standards in government and society to provide a strong foundation for good governance. Third, we must change the character of our politics to promote fertile ground for reforms.

You make budget cuts based on what you want to accomplish. You have to decide what is our priority going forward as a country. You cannot do it on the backs of any one group of people... There has to be some balance.

Laying the groundwork for smaller, smarter government, especially at the federal level, is going to be tough. But it is essential for getting us back on the path to long-term prosperity.

It is time we passed a balanced budget amendment and return this government to limited spending.