WASHINGTON (AP) — President Barack Obama says it is not a radical idea to end tax breaks for the wealthy and high earning oil and gas companies.
Speaking at a White House news conference, Obama says the government cannot reduce its deficit by keeping all current tax breaks. Obama says if millionaires and billionaires get to keep their tax breaks, senior citizens and the poor will bear the brunt of the burden from additional cuts.
The White House is pushing for some tax increases on the wealthy or the elimination of tax breaks for big companies and wealthy individuals as part of a deficit-cutting plan being negotiated with bipartisan lawmakers.
Obama says he is still confident that lawmakers can reach a deal that will get the government to live within its means.