White House defends Obama’s deficit reduction plan
President Barack Obama is attacking the country’s deficit problem on his terms. Terms that Republicans are not happy with. Yesterday the president outlined an aggressive proposal to cut more than $4 trillion from the deficit over the next 12 years. However, part of his plan to bring the budget into line is a includes allowing a portion of the Bush tax cuts to finally expire.
Not surprisingly Republicans labeled the Obama plan as nothing more than a tax increase. No one was more scathing in his criticism than Henrico Congressman Eric Cantor, who accused the president of not coming to the table with any new ideas. Cantor and Republicans will not budge. Tax hikes, of any kind, will not be tolerated, even if they come from people making more than $250,000 a year.
We got the complete view of the White House proposal from Deputy White House Communications Director Jen Psaki. She argued that President Obama has cut taxes for millions of Americans and that in order to get the budget back in order a “shared sacrifice” is necessary.
Here is my complete interview with her, uncut:
And here is Rep. Cantor’s response to President Obama’s deficit reduction proposal from yesterday: