Posted on 07/03/2011 5:39:44 AM PDT by Son House
He also renewed his call for Congress to eliminate some tax breaks for the well-off as part of any agreement. Republicans want deep spending cuts without any tax increases while Obama and Democrats call for what they term a "balanced" approach. That means one that also includes new revenue in the form of higher taxes for some, though Democrats steer clear of using phrases like "tax increases" or "higher taxes."
"Now, it would be nice if we could keep every tax break, but we can't afford them," Obama said. "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."
"Nothing can be off-limits, including spending in the tax code, particularly the loopholes that benefit very few individuals and corporations," the president said.
Currently the debt limit is $14.3 trillion, and Treasury Secretary Timothy Geithner says it must be raised by Aug. 2 to avoid defaulting on the government's financial obligations for the first time in the nation's history.
"We've got to cut the deficit, but we can do that while making investments in education, research and technology that actually create jobs," the president said. "We can live within our means while still investing in our future. That's what we have to do. And I'm confident that the Democrats and Republicans in Congress can find a way to give some ground, make some hard choices, and put their shoulders to wheel to get this done."
(Excerpt) Read more at foxnews.com ...
And how is that right to change the tax code on folks who’ve been playing by the rules?
Changing the tax code now to eliminate tax breaks is going to be devastating to all business owners, wait till after a real recovery.
3 years of the press running interference for bad economic policies is coming to an end, thanks TEA party!
What financial adviser would ever suggest to get another line of credit when you’ve spent too much already? Do tell, Giethner? Goolsbee? Romer?
ACORN FUNDING!
Classic power struggle between House of Representatives, with Constitutional authority to originate all spending (and tax) bills, and executive branch, charged with administering them.
I notice the Democrats never want to tax "big Internet/high tech" like Microsoft, Google, Facebook, Yahoo, etc. There are all Liberals.
Why don't they put a special tax on Silicone Valley?
CS+CT+LG=MR
CS=Cut Spending
CT=Cut Taxes
LG=Less Government
MR=More Revenue
Start with firing all those unconstitutional Marxist “Czars” then, bozo.
Here is an idea. And just tossing this out there. In 2005-2006 we had the most jobs created then during anytime in our history. The most revenue was taken in, unemployment was at it’s lowest.
Then the Democrats took congress and it all went to crap. My suggestion is to remove every regulation that has gone into place since Jan 1, 2007.
If cutting taxes = more revenue, then it's immoral.
The government has much too much revenue already.
We cannot be a free people with a government that collects 2.2 trillion dollars/year.
Then the Democrats took congress and it all went to crap. My suggestion is to remove every regulation that has gone into place since Jan 1, 2007.
AND everyone that created them.
OK THEN LET’S START WITH SOME MAJOR SPENDING CUTS FIRST
(furiously looking through article) Does he talk about raising taxes on people who fly in corporate JETS, though???? THAT’s the issue on every American’s mind!!!!”
Obama is a centuries-old old Hawaiian name meaning “Out of Touch Erkel Lookalike”
Everything is on the table? B.S.
Huh? Only in the mind of a liberal is a tax break an expenditure.
Translation: What we've been stealing from you at gunpoint in the past...well, we need to steal more from you.
One word answer to America’s money problems:
RESIGN!
Obama says, “Now, it would be nice if we could keep every tax break, but we can’t afford them.” WE CAN’T AFFORD THEM BECAUSE WE SPEND TOO MUCH!!!!! Back in my working days I wish I could go to my boss and say I need more money because I can’t afford the things I want. He’d laugh me right out the door.
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