From the AP:
Drawing clear battle lines for next year's elections, a combative President Barack Obama on Monday demanded that the richest Americans pay higher taxes to help cut soaring U.S. deficits by more than $3 trillion. He promised to veto any effort by congressional Republican to cut Medicare benefits for the elderly without raising taxes as well.Now if only President Obama and the Democrats hold the line on the taxes in the plan. And I want to know more about the details of the cuts to Medicare and Medicaid.
"This is not class warfare. It's math," Obama declared, anticipating Republican criticism, which was quick in coming.
The Republican reaction was swift and bluntly dismissive.If the Republicans want to call it class warfare to ask the very richest people in the country to pay their fair share in taxes, that's fine with me. Right now the poor and middle income folks are losing the class war, and it's time to fight back against the greedy people and their supporters in Congress. The president's plan won't make it through Congress, but - Damn! - the Democrats will have a decent issue to run on in the coming election.
"Veto threats, a massive tax hike, phantom savings and punting on entitlement reform is not a recipe for economic or job growth-or even meaningful deficit reduction," said Senate Republican leader Mitch McConnell. "The good news is that the Joint Committee is taking this issue far more seriously than the White House."