If Obama was serious about dealing with the debt issue he would drop the demands for increased taxes and simply promise to let the Bush tax cuts expire while making serious cuts today.
When he signed the extension of the tax cuts, he said he wouldn’t renew them and promised to campaign on tax hikes in 2012. He should stick to that plan.
His blabbering about ending “oil subsidies” is as disingenuous as his “not war” in Libya, his cryptic “cut spending in the tax code” phrase for raising taxes and his attempts to insinuate that Republicans are trying to give private jet owners tax breaks at the expense of college students and food safety.
You see, oil companies don’t get subsidies, they get the same kinds of tax write offs as all the other manufacturing industries out there. As for the private jet tax write off, that was a bill that Obama signed into law after zero Republicans voted for it.
Don’t get me wrong, I think we will need to raise taxes (hopefully restructuring the tax code at the same time) and make deep spending cuts which must include entitlements, if we are going to avoid an economic meltdown in this nation.