President Obama struck a combative tone on Monday as called for $1.5 trillion in new tax revenue as part of a proposal to tame the nation’s rocketing federal debt, drawing a sharp contrast with the Republican vision and resetting the terms of the economic debate in Washington this fall.Read the rest here.
In a defiant Rose Garden appearance, Obama threatened to veto any plan to tame the debt that does not pair cuts to Medicare and Medicaid with increases in taxes on the rich.
“We can’t just cut our way out of this hole,” Obama said. “It’s going to take a balanced approach.”
Combined with his call this month for $450 billion in new stimulus, the proposal represents a more populist approach to confronting the nation’s economic travails than the compromises he advocated earlier this summer.
It is also diametrically opposed to many of the views supported by Republicans, who want to balance the nation’s books mainly through cutting spending, particularly in Medicare and Medicaid.
Republiacns argue that Obama’s plan to tax the rich is a divisive political strategy. But Obama rejected that view Monday.
“This is not class warfare,” Obama said. “It is math.”
Sounds like Obama is taking some lessons from the GOP playbook.