Obama challenges Congress to raise taxes, debt limit USA Today
President Obama said today he wants to help reduce the federal debt by eliminating tax breaks for the wealthy, and called on Republicans to sacrifice their "sacred cows" in order to preserve middle class programs like Medicare and education.
"The tax cuts I'm proposing we get rid of are tax breaks for millionaires and billionaires, tax breaks for oil companies and hedge fund managers and corporate jet owners," Obama said at a White House news conference.
Sen. Mitch McConnell, R-Ky., a top Republican negotiator, said Obama and the Democrats are seeking tax increases that would stall the economy and kill jobs.
"The Democrats' spending spree has brought us to the brink of an economic calamity," McConnell said. "And now they're telling taxpayers they won't do anything to prevent it unless the taxpayers hand over more money in the form of tax hikes."
During the hour-long session with reporters, Obama also said progress in Afghanistan is one reason for his planned withdrawal of U.S. forces, and that Libya's Moammar Gadhafi needs to be removed from power.
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