Obama: "Nothing can be off-limits" in budget - CBS News
I quite agree. And why would anybody disagree? It's completely irrational to think that compromise doesn't equal some form of - oh, what's the word I'm looking for?(AP) WASHINGTON — 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 Mr. 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."
"Now, it would be nice if we could keep every tax break, but we can't afford them," President Obama said. "Because if we choose to keep those tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners, or for oil and gas companies pulling in huge profits without our help — then we'll have to make even deeper cuts somewhere else."