Obama Says It Would Be `Irresponsible' to Extend Tax Cuts for Wealthiest

[Turborama]

Source: Bloomberg

President Barack Obama said it would be “irresponsible” for Congress to extend tax cuts for the wealthiest Americans.

“I can’t give tax cuts to the top 2 percent of Americans” and “lower the deficit at the same time,” the president said during an hour-long town-hall discussion on jobs and the economy broadcast on CNBC television from the Newseum in Washington.

To give “tax relief primarily to millionaires and billionaires” would be “ an irresponsible thing for us to do,” Obama said. “Those folks are least likely to spend it.”

Obama is challenging congressional Republicans to make only middle-class tax cuts permanent. He wants lawmakers to find agreement on initiatives to spur economic growth and hiring and on extension of Bush-era tax cuts for individuals who make less than $200,000 a year and couples earning less than $250,000.

Read more: http://www.bloomberg.com/news/2010-09-20/obama-says-it-would-be-irresponsible-to-extend-tax-cuts-for-wealthiest.html

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BTW for anyone who missed it....

CNBC provided an hour long nightmare build up with their "all star panel", there was a 2 minute horror intro as if the President was the anti-Christ and the host kept pestering him with Teahadist type questions but THEY FAILED!

His comments received multiple rounds of applause, he got a really loud standing ovation at the end and CNBC just tried to get negative reactions from attendees afterwards but they all said they were "surprised he was so rational" and were VERY IMPRESSED.

CNBC were all about the business community needing him to "inspire confidence" and, according to the responses from the attendees and an interview they just had with a representative of the business round table (Larry something) who was there, that's exactly what he did.

Currently, they are desperately going around the country trying to find someone who didn't like it. And they're struggling, very hard!

[onehandle]

1. or... Obama Says It Would Be 'Irresponsible' not to Cut Taxes for All but the Wealthiest.....

...would have been a better message, White House.

Bush's tax cuts are expiring. Make the 98% the 'Obama Tax Cuts' or 'Democratic Tax Cuts.'

[backtomn]

6. Actually......

the tax cuts are $3.9 trillion for 10 years........and $700 billion (for 10 years) are for the "rich"....making over $200,000 (individual) and $250,000 (family). Maybe the tax cuts (in general) are the problem. You can't claim "tax cuts" if all you are doing is extending them from bush. Maybe you should try to be BETTER than bush. How about that??

[backtomn]

7. It's more like 80%

But, why be Bush II ?? For politics?? End the tax cuts. NOW. That is how he will balance the budget at whip the Repubs.

[Oceansaway]

2. K&R...n/t

[monmouth]

3. I thought John Harwood was better than that. I suppose he answers

to the corporatists upstairs also, but geez....

[boomerbust]

4. Obama was spot on.

Could you see W going into a den of vipers like this? We hired the right man for the job.

[Turborama]

5. Video

Provided by TMPTV (shame the applause is edited out): http://www.youtube.com/watch?v=KZOoGo5u0FY

Also posted in the videos forum: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x506622

[Blandocyte]

8. Sheeyeah! SOMEbody's gotta pay for the wars

Might as be the ones the wars benefit the most. Hell, while we're at it, make Big Oil corporate sponsors of the wars in an explicit way instead of making us pay for them. Sew an Exxon patch onto the uniforms right under Old Glory.

[and-justice-for-all]

14. and it should be the people who wanted them...nt

[Turborama]

9. Found the interview I mentioned above with Larry Burton (Business Roundtable executive director)

Feedback on President Obama's town hall and the importance of growing small business, with Larry Burton, Business Roundtable executive director: http://classic.cnbc.com/id/15840232?video=1595676167&play=1

[democracy1st]

16. appreciate that K & R

[rustyd55]

10. cnbc

where does the greed stop how many millions does a person deserve for doing business in OUR COUNTRY do you even think about us in poverty to think tax cuts to hire more people just ask the waltons they hire plenty of people part time 8 dollars an hour lucky its enough to get there you people forget the people who protect and honor this country and are below the poverty level we are poor not stupid so please dont insult our inteligence

[ihavenobias]

11. # 29 n/t

[Gin]

12. the top 2% have had the tax breaks for 10 years.....we lost millions

of jobs during that time....NOW we think they might not create jobs if the tax breaks expire.....what have they done for us in the past 10 years?

CNN just said 60% of the economists that were asked think they should be extended for at least another 2 or 3 years...

Funny...I also read a report saying the opposite by economists.

[OhioChick]

13. .........

:kick:

[Turborama]

15. Full video, including the "Anti-Christ horror show" type introduction...

Here: http://www.cnbc.com/id/15840232?video=1595764040&play=1

Transcript: http://www.whitehouse.gov/the-press-office/2010/09/20/remarks-president-cnbc-town-hall-discussion-jobs