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Obama: Kiss Bush Tax Cuts for Rich Goodbye

Obama lambastes Ryan budget, proposes $4T in deficit reduction

By Kevin Spak,  Newser Staff

Posted Apr 13, 2011 1:52 PM CDT

(Newser) – President Obama was in fighting form today in his speech on the deficit, lambasting Paul Ryan’s budget proposal, and insisting on higher taxes for the wealthy. He laid much of the current deficit problem at the feet of the Bush tax cuts, and pledged to eliminate them. “We cannot afford one trillion dollars' worth of tax cuts for every millionaire and billionaire in our society,” he declared. “We can’t afford it! And I refuse to renew them again.” He also called for reductions in itemized deductions for the wealthiest 2%, and similar changes to the corporate tax code.

He said the GOP budget proposal would “lead to a fundamentally different America than the one we’ve known,” and “end Medicare as we know it,” all while giving more tax breaks to the wealthy. “That’s not right. And it’s not going to happen as long as I’m president.” In addition to tax increases, Obama pledged to cut every kind of spending, including defense spending, Medicare, and Social Security. “We will reform these programs,” Obama said. “But we will not abandon the fundamental commitment this country has kept for generations.” Overall, the president proposed shaving $4 trillion off the deficit over a dozen years, notes Politico. Click to read the full transcript.

President Barack Obama outlines his fiscal policy during an address at George Washington University in Washington, April 13, 2011.
President Barack Obama outlines his fiscal policy during an address at George Washington University in Washington, April 13, 2011.   (AP Photo/Charles Dharapak)
President Barack Obama outlines his fiscal policy during an address at George Washington University in Washington, April 13, 2011.
President Barack Obama outlines his fiscal policy during an address at George Washington University in Washington, April 13, 2011.   (AP Photo/Charles Dharapak)
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These are the kinds of cuts that tell us we can’t afford the America I believe in. - Barack Obama, on the GOP budget

The America I know is generous and compassionate. It’s a land of opportunity and optimism. Yes, we take responsibility for ourselves but we also take responsibility for each other. - Barack Obama

That starts by being honest about what’s causing our deficit. You see, most Americans tend to dislike government spending in the abstract, but like the stuff that it buys. - Barack Obama

Without even looking at a poll, my finely honed political instincts tell me that almost nobody believes they should be paying higher taxes. - Barack Obama

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COMMENTS
Showing 3 of 217 comments
yoeydude
Apr 15, 2011 2:13 PM CDT
earned is a funny word , cause earned by the sweat of ones ' brow is a different animal from earned interest on capital
LibertyAtStake
Apr 14, 2011 3:54 PM CDT
I'm gonna go out on a limb here ... Barry's first veto, and the first veto override immediately thereafter, will be over the Bush tax "cut" renewal. Gridlock will ensure the only viable choices are extend all or extend none, just like in December. 2/3 of congress will want nothing to do with the extend none scenario. That is, if he doesn't cave first over a gridlock situation that will raise taxes on everyone. It'll be the rare and magnificent flip-flop-flip. Barry in a box. d(^_^)b http://libertyatstake.blogspot.com/ "Because the Only Good Progressive is a Failed Progressive"
beckjr2000
Apr 14, 2011 10:18 AM CDT
The President and the Republicans are both blowing Hot Air! Taxes, Deficits, and Spending will continue to rise at an unacceptable rate as long as we have the current Tax Code! If you really want to increase revenues and decrease spending we need a Tax Code that either Taxes Spending, good for personal income tax, or is a Flat Tax with no deductions which would be good for Corporate Income Tax. Politicians on both sides will continue to write special deductions for those who support them with either money or votes or both!

 
Barack Obama • budget deficit • President Obama speech • 2012 budget

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