News Americas, WASHINGTON, D.C., Thurs. April 14, 2011: U.S. President Barack Obama has again urged Congress to reform the individual tax code, as he countered with a a $4 trillion deficit-reduction program yesterday.
The President, in remarks at George Washington University, urged the congress to act “so that the amount of taxes you pay isn’t determined by what kind of accountant you can afford.”
“So this is my approach to reduce the deficit by $4 trillion over the next 12 years. It’s an approach that achieves about $2 trillion in spending cuts across the budget. It will lower our interest payments on the debt by $1 trillion. It calls for tax reform to cut about $1 trillion in tax expenditures — spending in the tax code. And it achieves these goals while protecting the middle class, protecting our commitment to seniors, and protecting our investments in the future,” he said.
Obama said he would also seek to reduce the deficit by keeping domestic spending low, finding savings in the defence budget and reducing excess health care costs and slammed Republicans who suggest privatizing Medicare and Medicaid.
“They want to give people like me a $200,000 tax cut that’s paid for by asking 30 seniors to each pay $6,000 more in health costs? That’s not right, and it’s not going to happen as long as I am president,” Obama said.
Republicans slammed back insisting that led by Chairman Ryan, they have set the bar with a jobs budget “that puts us on a path to paying down the debt and preserves Medicare and Medicaid for the future,” according to Speaker John A. Boehner said in a statement.