President Obama restates priorities on the deficit, says tax-cuts for the wealthy should be on the table
The President reiterated his stance on taxes in this week's address. When it comes to tackling the deficit, President Obama made it clear that tax-cuts for the wealthy should be on the table:
"And nothing can be off-limits, including spending in the tax code - particularly the loopholes that benefit very few individuals and corporations.
Now, it would be nice if we could keep every tax break - but we can't afford them. Because if we choose to keep those tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners, or for oil and gas companies pulling in huge profits without our help, then we'll have to make even deeper cuts somewhere else. We've got to say to a student, you don't get a college scholarship. We have to say to a medical researcher, you can't do that cancer research. We might have to tell seniors, you have to pay more for your Medicare.
That isn't right and it isn't smart. We've got to cut the deficit, but we can do that while making investments in education and research and technology that actually create jobs."
President Obama's Weekly Address:
