According to President Barack Obama “nothing can be off-limits” in the budget debate even though Republicans have said tax increases are. While the GOP is looking to spending cuts as the solution, Democrats are looking for a more “balanced” solution. The president has called for every tax break and federal program to come under scrutiny, especially with the deadline to raise the government borrowing limit a month away (August 2nd).
In addition to finding a middle ground before reaching the deadline, he’s also renewed his call for Congress to eliminate some tax breaks for the wealthy & new revenue in the form of higher taxes for some.
“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.”
This shouldn’t be rocket science but here we are, once again, debating over nickel, dimes and quarters *sigh* let’s not raise taxes already. My God.