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Weekly Address: Oil, Budget [VIDEO]

President Barack Obama says the U.S. must shift cars and trucks off oil for good so the public can avoid spikes in gasoline prices.

In his weekly radio and Internet address, Obama promotes a plan to direct $200 million a year into an energy security trust to fund research for alternatives like electric car batteries and biofuels. He says the trust would use revenues from federal leases on offshore drilling without adding to the deficit.

Obama says investing in clean energy will help create jobs. He’s envisioning cars that can one day go coast to coast without using any oil.

In the Republican address, House Budget Committee Chairman Paul Ryan of Wisconsin says Republicans have a plan to balance the federal budget in 10 years by cutting spending.

“If we take these steps, our economy will grow,” Ryan said. “Our country will regain confidence. And we will reignite the American Dream. All we need is leadership. We owe the American people a responsible, balanced budget. It’s not fair to take more from families just to spend more in Washington.

He talked about the importance of having a budget in the first place. “The budget is a means to an end,” said Ryan. “We’re not balancing the budget as an accounting exercise. We’re not trying to simply make numbers add up. We’re trying to improve people’s lives.”

The Associated Press contributed to this story.

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