WASHINGTON | SAT 2 Jul 2011 6: 34 am EDT
WASHINGTON (Reuters) - President Barack Obama press its case Saturday to reduce the deficit in part by complete tax and singling out the managers of hedge funds, oil corporations and billionaires to get success.
Obama is locked in a dispute with the Republicans on how to bring down the deficit as part of an agreement to raise the debt ceiling and avoid default Washington.
Democrats insist that some tax increases include a deficit-reduction package.
Republicans say that it would be bad for the economy.
"Now, would be nice that we could keep to every tax break, but we can not afford them," Obama said in his weekly radio and Internet address.
"Because if we decide to keep these exemptions from taxes for millionaires and billionaires, or administrators of funds coverage and owners of corporate jet or oil and gas companies pulling in huge profits without our help - then is to make it even shorter than anywhere else."
Obama shows a variety of areas, some of them are considered major democratic political priorities, which face the chopping block if such taxes were allowed to continue.
?We have to say to a student, "does not get a scholarship universitaria.??? We have to say to a medical researcher, "that cancer can be done.'" We have to tell seniors, 'You have to pay more for Medicare,' ", said."
"It is not correct, and is not intelligent." "We have to cut the deficit, but we can do it at the same time that investment in education, research and technology that really create jobs."
Senator Dan Coats, delivers the weekly Republican address, he said was the key to reducing spending.
"The President and Democrats in Congress should recognize that their game plan doesn't work," said. "It is time to recognize that the Government and higher taxes is not the answer to our problem." "It is time for bold action and a new plan to resolve the current crisis."
TIT FOR TAT
Treasury Secretary Timothy Geithner has warned of the enormous risks if Congress does not raise the ceiling of the debt of $ 14.3 trillion by August 2, potentially trigger a defect that could send chills through an already fragile banking system.
Obama said that both sides agreed to cuts were necessary and said that he and Vice President Joe Biden has advanced to the legislators to agree on areas to cut.
"In recent weeks, the Vice-President and I have reached both sides identify over 1 trillion dollars in spending cuts," said Obama.
"But after a decade in which Washington presented the country's credit card, we must find more savings out of the network." "It means looking at each hop program and taxes in the budget - each - to find places to cut waste and save money."
Fears of a default value, which could disrupt everything from debt payments to retirement benefits, when the Republicans withdrew from the negotiations on the budget led to Biden last week.
Coats told Obama step to make a deal.
"Now is the time for decisive leadership of the President," he said. "It is time to put aside the false security of political denial and re-election hopes and puts the future of our country above all else."
(Edited by Jackie Frank)
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