Obama: Ending tax breaks for wealthy not radical - WRCBtv.com | Chattanooga News, Weather & Sports

Obama: Ending tax breaks for wealthy not radical

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WASHINGTON (AP) - President Barack Obama is delivering a blunt challenge to Republicans in Congress. He's insisting that any deficit reduction plan has to include the elimination of selected tax breaks for oil companies and the super wealthy.

Obama told reporters today that if millionaires and billionaires get to keep their tax breaks, senior citizens and the poor will bear the brunt of the burden from additional cuts.

Obama says he is still confident that lawmakers can reach a deal that will get the government to live within its means.

But he says Congress needs to stay in town and get the budget negotiations done - even if it means canceling other plans back home.

Lawmakers are facing an Aug. 2 deadline to raise the U.S. borrowing limit. Obama said at a news conference that if there's not substantial progress by the end of this week, Congress is going to have to start canceling plans for a Fourth of July recess and stay in DC to work. The Senate is scheduled to be out next week.

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