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Obama: U.S. can't afford across-the-board tax hike

By Ken Thomas

Associated Press

LAST UPDATED: 09:05 a.m. HST, Nov 14, 2012

WASHINGTON » President Barack Obama says he will not agree to any budget deal that extends current tax rates for the wealthiest taxpayers and says their rates should rise to help raise revenue.

Obama says his stand was validated by voters in the election because he specifically ran on an agenda of letting the existing rates for the top 2 percent of income earner rise to Clinton-era levels.

Congressional Republicans have said they would be willing to include new tax revenue in a deficit reduction deal. But they have been adamant that the tax rates themselves must not increase.

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Maneki_Neko wrote:
Oh grow a pair, Barry. Without comprehensive tax reform we will never dig out from under the crushing debt burden we currently have and the enormous additional amount we will face in the next few years. Nibbling at the edges just kicks the can down the road.
on November 14,2012 | 08:08AM
8082062424 wrote:
Only half of america voted for him. we are very much a divided nation
on November 14,2012 | 08:13AM
toomuchpilikia wrote:
Thanks to OB1!
on November 14,2012 | 08:21AM
nitrobreath wrote:
We are going off the Fiscal Cliff on Jan 1st, for sure. Everyone get your money into liquid assets and ride out this upcoming recession 2013. By the way, we will have a fabulous economic recovery in the 3rd quarter of 2016, regardless of a Dem or Repub in office at the White House. We just need to batten down our credit card spending and save our money until then.
on November 14,2012 | 08:55AM
serious wrote:
We will never go over the cliff!!! Most federal legislators are millionaires, so on the Bush tax cuts, they will publicly argue against them, but they will vote for them. Period!!! They will extend the "cliff" for a year and yes, kick the can down the road. If JFK were to write his book today about Courage in legislators---it would be blank. I am an R---doesn't matter--neither parties are serving their people. So we didn't have paper ballots--does it really matter? They should be already printed with the D on them!!!
on November 14,2012 | 09:31AM
newsjunky1 wrote:
And the DOW DROPPED 100PTS within minutes of his saying this.
on November 14,2012 | 09:42AM
thebostitch wrote:
.... and almost 700 PTS in one week since the election! .... our pensions shrink more and more :(
on November 14,2012 | 10:21AM
Tanabe wrote:
Washington is filled with corrupt politicians. From the House, to the Senate, to the President, they all are interested in themselves and not the people. We elected them to make the hard decision. To make the choices that are best for the nation. Well what's best for the nation right now is probably not very popular with republicans or democrats so we are all royally screwed.
on November 14,2012 | 05:51PM
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