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Obama: Rich must pay fair share of deficit cuts
September 20, 2011, Tuesday
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AN impassioned President Barack Obama set up an acerbic and personal clash with Republicans yesterday, demanding US$1.5 trillion in new taxes on the rich in a plan aimed at slashing the deficit.
"This is not class warfare, it is math," Obama declared, arguing that without tax increases on those who could afford it, the budget gap, which is casting a shadow over future generations of Americans, could never be closed.
"All I'm saying is that those who have done well, including me, should pay their fair share in taxes," Obama said in a speech that effectively staked out the ground on which the 2012 presidential election will likely be fought.
But Republicans immediately came out against the move, making it more likely that a fierce partisan row over taxes and spending will rumble on and define the terrain of the 2012 presidential election.
"Pitting one group of Americans against another is not leadership," said Republican House Speaker John Boehner.
A fiery, populist Obama laid out a plan few experts believe has any chance of passing Congress but which will make clear the battle lines between the White House and Republicans on the lumbering economy.
"We can't just cut our way out of this hole," Obama said in the White House Rose Garden, laying out his plans to cut US$3.0 trillion from the deficit with a mixture of spending cuts and tax hikes.
"It is only right we ask everyone to pay their fair share," Obama said, in a direct challenge to House of Representatives speaker John Boehner, who has categorically ruled out any tax increases to trim the budget gap.
"We can't afford these special lower rates for the wealthy. We can't afford them when we are running these big deficits," Obama said, fighting for the end of tax cuts for the rich passed by former president George W. Bush.
"Middle class taxpayers shouldn't pay higher taxes than millionaires and billionaires. That's pretty straightforward. It's hard to argue against that," said Obama, who has seen his approval ratings hammered by the slowed economy.
"This is not class warfare, it is math," Obama declared, arguing that without tax increases on those who could afford it, the budget gap, which is casting a shadow over future generations of Americans, could never be closed.
"All I'm saying is that those who have done well, including me, should pay their fair share in taxes," Obama said in a speech that effectively staked out the ground on which the 2012 presidential election will likely be fought.
But Republicans immediately came out against the move, making it more likely that a fierce partisan row over taxes and spending will rumble on and define the terrain of the 2012 presidential election.
"Pitting one group of Americans against another is not leadership," said Republican House Speaker John Boehner.
A fiery, populist Obama laid out a plan few experts believe has any chance of passing Congress but which will make clear the battle lines between the White House and Republicans on the lumbering economy.
"We can't just cut our way out of this hole," Obama said in the White House Rose Garden, laying out his plans to cut US$3.0 trillion from the deficit with a mixture of spending cuts and tax hikes.
"It is only right we ask everyone to pay their fair share," Obama said, in a direct challenge to House of Representatives speaker John Boehner, who has categorically ruled out any tax increases to trim the budget gap.
"We can't afford these special lower rates for the wealthy. We can't afford them when we are running these big deficits," Obama said, fighting for the end of tax cuts for the rich passed by former president George W. Bush.
"Middle class taxpayers shouldn't pay higher taxes than millionaires and billionaires. That's pretty straightforward. It's hard to argue against that," said Obama, who has seen his approval ratings hammered by the slowed economy.
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