Ironically, he’s speaking in Texas, the state with the best economy in America and it’s based on conservative principles of low taxes, less regulation, lawsuit reform and balanced budgets.

Via RCP:

OBAMA: Our deficits are falling at the fastest rate in years. But now we’ve got to budget in a smarter way so it doesn’t hurt middle-class families or prevent us from making the critical investments that we need for your future.

So a lot of sectors of our economy are doing better. The American auto industry is thriving. American energy is booming. American ingenuity and our tech sector continues to be the best in the world and has the potential to change almost everything that we do. And thanks to the grit and determination of the American people, we’ve cleared away the rubble of the worst economic crisis in our lifetimes.

So we’re poised for progress. All across America, Americans are working harder and they’re living up to their responsibilities, both to themselves and to one another and to their communities — every single day. Part of our challenge, though, is you’ve got to try to see the same kind of seriousness of purpose in your leaders. From Washington to Wall Street, all of us have to commit ourselves to doing better than we’re doing now.