Days after the re-election of Barack Obama, the president said that any compromise from his office on the issue of taxes and the national debt will hinge on the inclusion of tax increases for wealthier Americans in an fruitless effort to slow our nation’s rising debt and limit the ensuing economic calamity.
“I’m committed to solving our fiscal challenges, but I refuse to accept any approach that isn’t balanced,” the president said. Apparently to Mr. Obama, “balanced” means nothing more than offsetting any spending cuts with further tax revenue from this country’s job providers.
Obama insists on raising taxes on those who make more than $250,000 a year, although hard numbers on how much of a rise remains unknown. According to Obama, a majority of Americans also believe this nation’s punitive tax system should be strengthened for those who are considered “wealthy”.
“I just want to point out, this was a central question during the election. It was debated over and over again. And on Tuesday night, we found out that the majority of Americans agree with my approach,” he said.
This news comes at a time when deficits remain at all time highs. October, the first fiscal year in 2013, has already seen a massive increase in budget deficits — $6 billion above the estimated $114 billion.