WASHINGTON (Reuters) – President Barack Obama said on Saturday that Americans need to be ready to "pay their fair share" to narrow the deficit, previewing his proposals to Congress that are expected to include more taxes on the rich.
In his weekly radio and video address, the Democrat said his $447 billion jobs plan that features tax breaks for workers and small businesses, plus funds for public works projects and schools, "will not add to the deficit. It will be paid for."
"On Monday, I'll lay out my plan for how we'll do that -- how we'll pay for this plan and pay down our debt by following some basic principles: making sure we live within our means and asking everyone to pay their fair share."
Obama has repeatedly argued for the wealthiest Americans to face higher taxes with fewer loopholes and exceptions as part of the effort to ensure the U.S. debtload remains in control.
He is likely to float more taxes on the rich, as well as companies getting some tax breaks, in his Monday suggestions to a congressional "super committee" tasked with finding at least $1.2 trillion in budget savings over 10 years. Read More
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