Obama Says U.S. Needs Revenue Along With Spending Cuts
By Roger Runningen – Feb 4, 2013 6:52 AM ET
President Barack Obama said there is “no doubt” the government needs new revenue from closing tax “loopholes” and limiting deductions, along with enacting spending cuts, to reduce the federal deficit.
There’s “no reason why we can’t have really strong growth in 2013,” the president said in an interview with CBS television yesterday before the network’s Super Bowl broadcast. He cited a recovering housing industry, strong manufacturing and rising car sales.
Revenue could be raised through an overhaul of the tax code, he said, “and we can do it in a gradual way so that it doesn’t have a huge impact.”
“There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” he said. “I don’t think the issue right now is raising rates.”
Two reports last week suggested worrying signs about the economy. The Commerce Department said Jan. 30 that the gross domestic product, the value of all goods and services produced, dropped at a 0.1 percent annual rate in the fourth quarter, the worst performance since the second quarter of 2009, when the world’s largest economy was still in the recession.
The fourth-quarter drop in GDP was largely due to a decline in government outlays and a smaller gain in inventories that subtracted a combined 2.6 percentage points from growth, Commerce Department data showed Jan. 30.
https://www.bloomberg.com/news/2013-02-03/obama-says-u-s-needs-revenue-along-with-spending-cuts.html
Ddn’t he already get revenue? It is time to talk cuts.
Every plan he comes up with hits the same people. He wants to means test social security so that those who saved more for retirement will get less social security. He also wants to increase taxes on the rich.
Isn’t he cutting benefits and increasing taxes on the same people? I would love to take my social security money and leave the system. Give it back (with interest) and I will voluntarily leave the system.
What ever happend to job creation? The more jobs the more payroll the more payroll taxes and income tax. Sounds simple to me.