US President Barack B.O.Obama says his administration is determined to put an end to the tax cuts for the wealthy -- a measure introduced under former President George W. Bush.
"He would not support extending the Bush tax cuts for the top two percent again no matter what hostages Republicans took," a politician, who spoke on condition of anonymity, quoted Obama as saying.
The US president pointed out that the issue of taxes is a major source of contention between his administration and Republicans on the campaign trail, Rooters reported on Thursday.
"Whatever we agree on, we are still going to have plenty to argue about in 2012," a senior administration official paraphrased the president as saying.
"I've said I'm not going to renew the tax cuts for the top two percent. We might agree on tax reform or simplification, but on the upper-income tax cuts we are just going to have to agree to disagree."
Meanwhile,
...back at the Senate, Odius Sepulcher called for war against the Visigoths...
Obama stressed that a deal to raise the country's debt ceiling includes an increase in revenues, while Republicans demand that the deal be restricted to spending cuts and entitlement reforms.
"I've been very clear about revenues as a part of a balanced package, and I will continue to be," the US president said.
Democrats and Republicans have failed to reach an agreement on raising the USD 14.3 trillion borrowing limit.
| Technically, they agree to not raise the borrowing limit until cuts in the budget are agreed upon as well. But that's a quibble... |
| Some Democrats described it that way. Other Democrats voted with the Republicans. |