President Obama was adamant on Friday that he isn’t caving in to GOP pressure to extend the Bush-era tax cuts for the wealthiest Americans, despite a recent report claiming that he already has.
He told reporters at the G-20 summit in Seoul, South Korea that his “number one priority” is extending tax cuts for the middle class
“I continue to believe that extending permanently the upper-income tax cuts would be a mistake and that we can’t afford it,” he said. “And my hope is, is that somewhere in between there we can find some sort of solution.”
Obama’s statements are in sharp contrast to a Huffington Post article published Thursday, where the President’s senior adviser, David Axelrod, suggested his administration was ready to give into GOP demands to extend the cuts.
Obama has previously argued in favor of the tax cuts for families making less than $250,000 a year (which represents 98% of Americans). But those making more than that, he argued, should return to the higher rates before Bush took office.
The cuts are set to expire Dec. 31, and most Republicans are in favor of making the tax cuts permanent across the board — arguing no one’s taxes should be increased in a distressed economy and that many wealthy people create jobs.
The presumptive U.S. House speaker, John Boehner, said earlier this week that he wouldn’t budge, arguing the cuts are necessary for sustained economic grwoth.
“Extending all of the current tax rates and making them permanent will reduce the uncertainty in America and help small businesses begin to create jobs again,” Boehner said.
Obama said the Huffington Post article was the “wrong interpretation” because he hasn’t yet spoken to Democrat and Republican leaders. In the piece, Axelrod suggested that accepting the GOP’s demands may be the only way to extend the tax cuts to the middle class.
“Here’s the right interpretation: I want to make sure that taxes don’t go up for middle class families starting on January 1,” Obama said. He later added, “I’m not going to negotiate here in Seoul, my job is to negotiate back in Washington with Democratic and Republican leaders.”
(Source: NY Daily News)
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7 Responses
obama is one of soros’ puppets. How do you think he got elected. A man from no where, no experience, 1.5 years in the senate runs for the presidency. He is out of touch with reality. He does what soros wants like prohibit off shore drilling in the gulf giving $2 Billion to Mexico to drill in the same gulf and send the rigs there. obama also gave $2 billion to Brasil to drill and sent the rigs from the Gulf to drill there And guess who has invested in
this projects; why of course George Soros and company. How many of soros’ man are sitting in the inner cabinet of obama; how many are czars. Andy stern one of soros’ buys is a common person in the White house. Who wrote the stimulus package; gee what do you know one of soros’ organization. If you search you will see the destruction obama is doing at the hands of the puppeter
OBAMA does not understand the simplistic of economics. Tax cuts for business, middle class workers has always strengthened the economy.
Perhaps veto aid to Gaza, terrorist organizations and cut down on the vacations, trips, and spending in the White House.
So what are you doing Doctor Obama? You extended welfare to the wealthy on Wall Street, and that is the ONLY action you have taken to benefit any American.
You are fighting the GOP because you are a spiteful person. You are a plutocrat just like the rest of them…Dem OR GOP!!!
The two parties should stop waging war against each other and realize they are elected officials there to serve.
But they wont do that.
Charlie Hall you still support Obama? You should be ashamed.
i’m a supporter of obama
They should extend it for a year or two then let it expire that would be a good and wise compromise.
#5
You support him for pressuring israel to remove roadblocks near hevron which was a direct cause of the terrorist attack which killed four innocent jews?
simcha222 good for you keep up support for this radical liberals obama and peloci, the party falling apart the anointed one is empty nothing left (just see what happened to him at the G-20) the dream of you liberals is shattering into thousands of piece. And yes I am happy hope we get rid of obama in 2012!!