In an address to Democratic lawmakers, the president says Republicans want to substitute the impending budget cuts by instead cutting Medicare and Social Security. But, he says closing tax loopholes is a better strategy.
The New York Times: Obama Tells House Democrats He Will Confront Republicans On Taxes
President Obama vowed Thursday to confront Republicans over the issue of closing tax loopholes, saying that he would relish a debate with those who insist that Congress has done all it should to get more tax revenue from wealthy individuals and corporations. ... "What they've suggested," he added, "is that the only way to replace it now is for us to cut Social Security, cut Medicare and not close a single loophole, not raise any additional revenue from the wealthiest Americans or corporations who have a lot of lawyers and accountants who are able to maneuver and manage and work and game the system. ... And I have to tell you, if that's an argument that they want to have before the court of public opinion, that is an argument I am more than willing to engage in," he said (Peters, 2/7).