President Barack Obama
said Saturday that "nothing can be off-limits"
in the budget debate — even though
Republicans have said tax increases are. The
president said every tax break and federal
program must come under scrutiny.
With an Aug. 2 deadline looming to raise the
government borrowing limit, the president
used his weekly radio and Internet address to
call on Congress to make a deal.
He also renewed his call for Congress to
eliminate some tax breaks for the well-off as
part of any agreement. Republicans want deep
spending cuts without any tax increases while
Obama and Democrats call for what they term
a "balanced" approach. That means one that
also includes new revenue in the form of
higher taxes for some, though Democrats
steer clear of using phrases like "tax
increases" or "higher taxes."