President Obama’s plan to fix the deficit and national debt? Call for more tax revenue:
President Obama insisted Sunday that additional tax revenue will need to be part of future deficit deals, but said hikes in tax rates may not be necessary.
In a pre-Super Bowl interview with CBS, the president outlined his vision for further deficit reduction, which he said was essential, but in a way that preserves the government’s ability to continue spending on key programs.
He also emphasized that the seemingly continuous stream of Washington standoffs was wreaking havoc on confidence in the U.S. economy.
Republicans have insisted that the revenue side of the deficit equation was dealt with during “fiscal cliff” talks, which resulted in a compromise that saw rates climb on the nation’s top earners. But Obama flatly rejected the notion that future talks would explicitly focus on spending.
“There is no doubt we need additional revenue, coupled with smart spending reductions, in order to bring down our deficit,” he said.
Uh, no, Mr. President. What we need is not additional revenue; what we need is to reduce spending across the board. We need to cut defense spending, which is the highest in the world. We need to cut and reform entitlements. We need to drastically scale back federal education spending, which has done absolutely nothing to educate our children. We need to acknowledge that the federal War on Poverty has been useless and reform our welfare system. We need to end foreign aid. We need to cut back on environmental spending, since that has done nothing useful. What we do not need is “additional revenue.”