This morning, the President called out conservatives for asking “nothing of the wealthiest Americans or biggest corporations” and then cutting police departments, education programs and other vital services.
I know Democrats in the House and in the Senate have proposed such a plan — a balanced plan, one that pairs more spending cuts with tax reform that closes special interest loopholes and makes sure that billionaires can’t pay a lower tax rate than their salary — their secretaries.
And I know that Republicans have proposed some ideas, too. I have to say, though, that so far at least the ideas that the Republicans have proposed ask nothing of the wealthiest Americans or biggest corporations, so the burden is all on first responders or seniors or middle-class families. They double down, in fact, on the harsh, harmful cuts that I’ve outlined. They slash Medicare and investments that create good, middle-class jobs. And so far at least what they’ve expressed is a preference where they’d rather have these cuts go into effect than close a single tax loophole for the wealthiest Americans. Not one.
So now Republicans in Congress face a simple choice: Are they willing to compromise to protect vital investments in education and health care and national security and all the jobs that depend on them? Or would they rather put hundreds of thousands of jobs and our entire economy at risk just to protect a few special interest tax loopholes that benefit only the wealthiest Americans and biggest corporations? That’s the choice.
Are you willing to see a bunch of first responders lose their job because you want to protect some special interest tax loophole? Are you willing to have teachers laid off, or kids not have access to Head Start, or deeper cuts in student loan programs just because you want to protect a special tax interest loophole that the vast majority of Americans don’t benefit from? That’s the choice. That’s the question.
It’s clear that only a balanced approach, including tax increases on corporations and the wealthy, is the only acceptable Conservatives like House Speaker John Boehner continue to refuse to force those who can afford it to pay more, again saying that revenue from closed loopholes should go to reducing rates, instead of deficit reduction like we really need.
Watch the President’s speech here, and keep checking back here for the latest updates.