Obama Misleads on Support for 'Balanced' Deficit Agreement
1:55 PM, Jul 15, 2011 • By MICHAEL WARREN
“It turns out that our problem is we cut taxes without paying for them over the last decade,” Obama explained. “We ended up instituting new programs, like a prescription drug program for seniors that was not paid for. We fought two wars, we didn’t pay for them. We had a bad recession that required a recovery act and stimulus spending and helping states and all that accumulated, and there’s interest on top of that.” The president did not mention that the tax rates of the last decade were voted on—and passed—by a Democratic House and Senate, and that Obama himself signed them into law last year.
While Obama insisted on “balance” in fixing the problem, it was clear which direction his scale is calibrated. “What’s required is that we roll back those tax cuts on the wealthiest individuals,” he said. “That we clean up our tax code so we’re not giving out a bunch of tax breaks to companies that don’t need them and that aren’t creating jobs, we cut programs that we don’t need, and we invest in those things that are going to help us grow.”