Posted: Jun 29, 2011 11:04 AM by Greg Boyce
President Barack Obama says it is not a radical idea to end tax breaks for the wealthy and high earning oil and gas companies.
Speaking at a White House news conference this morning, Obama said the government cannot reduce the deficit if all current tax breaks stay in place. President Obama said if the wealthy can keep tax breaks, senior citizens and the poor will bear the burden.
The White House is pushing for some tax increases as part of a deficit-cutting plan. President Obama said he is still confident lawmakers can reach a deal that will allow the government to live within its means.
He also called on lawmakers to extend the payroll tax cut for one more year to boost the economy. He also wants legislation to make it easier for entrepreneurs to patent their ideas, and make it easier for states and construction companies to get loans for road and bridge projects.