In his weekly radio and internet address, Obama called on Congress to make a deal ahead of the Aug. 2 deadline to raise the government borrowing limit.
He also renewed his call for Congress to eliminate some tax breaks for the well-off as part of any agreement. Republicans want deep spending cuts without any tax increases while Obama and Democrats call for what they term a ‘balanced” approach.
Obama says the country can’t afford tax breaks for millionaires and corporate jet owners. He says if those are kept, “we’ll have to make even deeper cuts somewhere else.”
Obama says “Nothing can be off-limits, including spending in the tax code, particularly the loopholes that benefit very few individuals and corporations.”