–Can’t Afford to Sustain Tax Cuts for Wealthiest
–Refuse to Cut Investments in Education, Clean Energy, Technology
–Economic Recovery Has Been ‘Painfully Slow’

By Heather Scott

WASHINGTON (MNI) – President Barack Obama drew a line in the sand
Wednesday, saying America cannot afford to sustain tax cuts for the
wealthiest 2% of society, and they should not be extended to those
making over $250,000.

In a speech in Cleveland, Obama lambasted Republicans who say “no”
to every proposal, rather than working with the administration to find
solutions, and he singled out House GOP leader John Boehner.

“We are ready, this week, to give tax cuts to every American making
$250,000 or less. For any income over this amount, the tax rates would
go back to what they were under President (Bill) Clinton,” the President
said in his prepared speech.

“This isn’t to punish folks who are better off — it’s because we
can’t afford the $700 billion price tag,” he said, adding that during
the Clinton administration the economy “created 22 million jobs, raised
incomes, and had the largest surplus in history.”

And he said middle class taxpayers are more likely to spend their
extra cash on basic necessities and help the economy grow.

With midterm elections fast approaching Obama tried to make a clear
distinction between the parties.

“Do we return to the same failed policies that ran our economy into
a ditch, or do we keep moving forward with policies that are slowly
pulling us out? Do we settle for a slow decline, or do we reach for an
America with a growing economy and a thriving middle-class?”

He credited his administration’s policies with halting the slide
started in the Bush administration, but acknowledged that the
improvements have not been fast or far enough.

“(T)he truth is, progress has been painfully slow. Millions of jobs
were lost before our policies even had a chance to take effect,” Obama
said.

“Making up for the 8 million lost jobs caused by this recession
won’t happen overnight. Not everything we’ve done over the last two
years has worked as quickly as we had hoped, and I am keenly aware that
not all our policies have been popular.”

He scoffed at Republicans posturing over the deficit, saying.
“These same Republicans turned a record surplus that Bill Clinton left
into a record deficit.”

And while he said he is committed to fiscal responsibility, Obama
said, “I’ll be honest – I refuse to cut back on those investments that
will grow our economy in the future – investments in areas like
education and clean energy and technology. That’s because economic
growth is the single best way to bring down the deficit – and we need
these investments to grow.”

** Market News International Washington Bureau: 202-371-2121 **

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