As of now, I am in control here, in the White House

Obama: I Want More Tax Increases

President Obama today made clear that he plans to pocket tax increases he extracted from Congress earlier this month and double down for more, asserting that further deficit reduction must include a “balanced” approach that raises taxes by closing “loopholes.”

Obama, who spoke today during an East Room press conference, minimized the need to reduce spending on entitlements, saying that he would consider “modest” changes to Medicare. And he vowed to continue spending, suggesting that getting control of the deficit is necessary to maintain funding for priorities like education and worker training.

Obama said a combination of tax increases and cuts to health spending could achieve sufficient deficit reduction.

The president was adamant that he would not negotiate with Congress over an increase in the debt ceiling, characterizing a failure to raise the spending limit as neglecting to “pay for spending that we have already incurred,” not future spending.

“We’re not going to do that,” Obama said.

The president appeared to rule out – though he didn’t absolutely do so – taking for himself the responsibility for raising the debt ceiling, saying Congress would have to grant him that authority.’

Democratic leaders in Congress have been urging Obama to raise the debt ceiling on his own, saying the Constitution allows it even though Congress is responsible for spending.

19 Responses to Obama: I Want More Tax Increases

  1. They’ve already squeezed out billion from Medicare and reduced the benefits we used to enjoy. He wants to do more harm?

    Shut it down, Repubs. Shut it down, we’ll survive for a few months.

      • Julie, there was not an increase in payroll taxes. They are back to what they were suppose to be at since the law changed in 1984. Cutting payroll taxes was a bad idea from the beginning. You have a SS program that is running in the red for 4 years now and one reason is he cut 2% from the taxes just at the point where about 30 million people were dropped from the employed ranks and baby boomers were hitting SS age and started taking SS benefits as soon as their 99 weeks of unemployment came to an end. Many of these people intended to keep working, but life changed the plan.

        So while a large number signed up for SS, a large number stopped paying into SS, Obama cut the tax rate from 6.? to 4.? and further put SS in danger. But calling it a tax increase is washingtonspeak.

        • SS doesn’t get put in danger no matter what the rate is. SS is an liability that has to be paid.
          If the rate is 6%, 4%, 25% there is no difference to SS payouts. All of it goes into the general fund.

          However, all of SS payouts are being borrowed because we have no money.

          SS Liability right now is $16.1 Trillion. That’s separate & in addition to the $16Trillion National Debt.
          That’s separate from the $86Trillion Medicare Liabilility and in Prescription drug liability.

          RiGHT NoW… Each US Taxpayer owes an additional $1.1 Million…

          We can’t even fund Obama’s egg and cheese sandwich with a coffee from McDonalds. It’s borrowed.

        • I aware that the payroll tax was temporarily reduced, thank you. My point is that people will be paying more now or again, however you like it, and there will be no social security for those people by the time they retired and it will prove my point that they paid more to receive nothing.

  2. Clearly, Dear Leader is positioning himself for a grand gesture, bypassing the Constitution for the good of the country on the debt limit. Once that works, we can kiss the glue that has held this country together, the Constitution, goodbye.

  3. He stated he doesn’t want anymore play dates with Boehner, fine. Fine.
    Congress has the power of the purse. A smash shut down of the government would suit me just fine.

  4. Most of what he said sounded to me like gibberish mixed with lies, but I do think he actually came out and said he’d be “happy” to take on the responsibilities of Congress if they can’t get it done. It’s jaw-dropping. On the good side, am grateful Major Garrett is there. That makes what, three responsible journalists in the room?

  5. and you know where he is going to get that tax money? Guns and ammo. That is why he wants national registration of guns, for a yearly tax. Look at the taxes you pay for your car each year and that is what they want to do with the guns and ammo. A national tax on each gun owner every year, a tax per gun owned, sales taxes on ammo and guns.

    Follow the money.

  6. I had to laugh at his analogy of the expensive restaurant and not paying the bill. Reminded me of all the money the taxpayers spend on his and the family’s vacations and date nights to NYC.

    Walk in, dine and dash, leaving someone else to pick up the tab.

  7. I came home today to see that Barack Obama is still on course to spend as much of other people’s money as he can as he and the Democrats gobble as much power as they can. And make a run for your guns while they’re at it. Wave to the drone.