In his press conference this morning, the President took questions on anything the White House press corps could think of, but his primary argument was on the economy, the deficits, and the consequences of Congress not acting on the debt limit. He made clear that while he continues to work on everything from streamlining regulations to getting capital to small business, and while Congress has things it can work on from putting construction workers back to work rebuilding our country to patent reform, the most urgent need is to reach a deal on cutting the deficit and dealing with the debt limit that could otherwise cause a catastrophic default. As he explained, reducing our deficits has to be done in a fair and balanced way, and that means those in Congress who are looking only at cutting core priorities like education while excluding even the most egregious loopholes for the very wealthiest Americans need to come to the table:
On Closing Tax Loopholes for Millionaires and Billionaires:
There’s been a lot of discussion about revenues and raising taxes in recent weeks, so I want to be clear about what we’re proposing here. I spent the last two years cutting taxes for ordinary Americans, and I want to extend those middle-class tax cuts. The tax cuts I’m proposing we get rid of are tax breaks for millionaires and billionaires; tax breaks for oil companies and hedge fund managers and corporate jet owners.
It would be nice if we could keep every tax break there is, but we’ve got to make some tough choices here if we want to reduce our deficit. And if we choose to keep those tax breaks for millionaires and billionaires, if we choose to keep a tax break for corporate jet owners, if we choose to keep tax breaks for oil and gas companies that are making hundreds of billions of dollars, then that means we’ve got to cut some kids off from getting a college scholarship. That means we’ve got to stop funding certain grants for medical research. That means that food safety may be compromised. That means that Medicare has to bear a greater part of the burden. Those are the choices we have to make.
So the bottom line is this: Any agreement to reduce our deficit is going to require tough decisions and balanced solutions. And before we ask our seniors to pay more for health care, before we cut our children’s education, before we sacrifice our commitment to the research and innovation that will help create more jobs in the economy, I think it’s only fair to ask an oil company or a corporate jet owner that has done so well to give up a tax break that no other business enjoys. I don’t think that’s real radical. I think the majority of Americans agree with that.
On Addressing Debt Limit:
Real Estate Vacation Properties Loans and Mortgages Household Moving
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