Obama: math does not work in just curbing rich tax breaks

WASHINGTON Wed Nov 14, 2012 2:09pm EST

U.S. President Barack Obama gestures while addressing his first news conference since his reelection, at the White House in Washington November 14, 2012. REUTERS/Larry Downing

U.S. President Barack Obama gestures while addressing his first news conference since his reelection, at the White House in Washington November 14, 2012.

Credit: Reuters/Larry Downing

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WASHINGTON (Reuters) - President Barack Obama on Wednesday said the deficit cannot be pared by simply curbing tax breaks for the wealthy as he headed into congressional talks this week on avoiding the 'fiscal cliff' of $600 billion in tax hikes and spending cuts looming at year's end.

"When it comes to the top 2 percent, what I am not going to do is extend further a tax cut for folks who don't need it which would cost close to a $1 trillion," Obama said.

"The math tends not to work," in some proposals to raise taxes on the wealthy by just closing tax loopholes, Obama said.

Obama said he is "very eager" to reform the tax code, and said entitlements like Medicare and Social Security need a "serious look" as part of a deficit deal.

(Reporting By Kim Dixon;; Editing by Sandra Maler)

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Comments (2)
EphraimF wrote:
Yawn…..The elections are over, so please stop the lying.

The people deserve the person for whom they voted.

Live with it, and don’t complain.

We’re in for a very rough time.

Start to think how to explain to your children about what happened to America.

Nov 14, 2012 3:51pm EST  --  Report as abuse
smokeys wrote:
Pure and simple the president is lying. Deductions amount to about a trillion dollars a year in lost revenue – or ten trillion over ten years. There should be plenty in there to come up with the $160 billion a year, or $1.6 trillion over ten years that he’s looking for. I never said it once during the campaign, but this is a flat out lie by the president. And he should know it.

Nov 14, 2012 4:06pm EST  --  Report as abuse
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