Onward!
Jul 25, 2011
Obama: Rich should pay ‘fair share’ of debt reduction
As Congress weighs competing debt plans, President Obama said today that wealthy Americans should pay their “fair share” to reduce the nation’s red ink if valuable programs are to be cut.
“Are we a nation that asks only the middle class and the poor to bear the burden?” Obama asked a supportive crowd at a National Council of La Raza conference.
Obama again promoted what he called a “balanced” plan as he and aides wait to see what House and Senate members do about debt negotiations that are currently stalled.
The parties are trying raise the nation’s $14.3 trillion debt plan — while reducing debt in the years ahead — by Aug. 2, the day the Treasury Department says it may have to default on some of the nation’s bills.
Obama told the mostly Hispanic crowd that the U.S. must address its debt problems, because repayment is crowding out necessary government investments. He said that “will leave us unable to address things like education.”