U-S President Barack Obama says the economy can’t afford a tax increase on all Americans.
He’s calling for households making 250-thousand dollars a year or less to be exempted from automatic tax hikes that kick in January 1st.
But he insists the rich must pay more.
Obama says a modest tax increase on the wealthy is not going to break their backs — “They’ll still be wealthy.”
Congressional Republicans have said they would be willing to include new tax revenue in a deficit reduction deal — but they’re adamant that the tax rates themselves must not increase.