Obama urges Congress to close tax loopholes and not spend the money on the rich
President Barack Obama urged Congress to avert impending mandatory budget cuts by agreeing to both spending cuts and revenue increases. During an address this afternoon, the President told reporters the proposals he made during last yearâs fiscal cliff negotiations are still on the table.
The Presidents remarks came as the March 1st budget deadline approaches. If a deal is not reached by then, a process Washington insiders call Sequestration will force indiscriminate deep spending cuts.
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"Deep indiscriminate cuts to things like education and training, energy, and national security, will cost us jobs and it will slow down our recovery. It's not the right thing to do for the economy. It's not the right thing for folks who are out there still looking for work. The good news is this doesn't have to happen. For all the drama and disagreements that we've had over the past few years Democrats and Republicans have still been able to come together and cut the deficit by more than $2.5 trillion through a mix of spending cuts and higher rates on taxes for the wealthy. A balanced approach has achieved more than $2.5 trillion in deficit reduction. That's more than halfway towards the $4 trillion in deficit reduction that economists and elected officials from both parties believe is required to stabilize our debt. So we've made progress and I still believe that we can finish the job with a balanced mix of spending cuts and more tax reform."
"The proposals that I put forward during the fiscal cliff negotiations in discussions with Speaker Boehner and others are still very much on the table. I just want to repeat. The deals that I put forward. The balanced approach of spending cuts and entitlement reform and tax reform that I put forward are still on the table. I've offered sensible reforms to Medicare and other entitlements and my health care proposals achieve the same amount of savings by the beginning of the next decade as the reforms that have been proposed by the bipartisan Bowles-Simpson fiscal commission. These reforms would reduce our governments bill...what's up cameramen? C'mon guys....they're breaking my flow all the time....These reforms would reduce our governments bills by reducing the cost of healthcare, not shifting all of those costs on to middle-class seniors or the working poor or children with disabilities but nevertheless achieving the kinds of savings that we're looking for."
"But in order to achieve the full $4 trillion in deficit reductions that is the stated goal of the economists and our elected leaders these modest reforms in our social insurance programs have to go hand in hand with a process of tax reform so that the wealthiest of individuals and corporations can't take advantage of loopholes and deductions that aren't available to most Americans. Leaders in both parties have already identified the need to get rid of these loopholes and deductions. There's no reason why we should keep them at a time when we're trying to cut down on our deficit. And if we are going to close these loopholes then there's no reason we should use the savings that we obtain and turn around and spend that on new tax breaks for the wealthiest. For corporations."