Budget Talks Fall Apart, Obama Reveals Some Details
President Obama on the failure of the budget talks:
Obama said he had demanded $1.2 trillion in additional revenues over 10 years, in exchange for spending cuts, including cuts to Medicare and Social Security. He said the revenues had been structured in a way that marginal tax rates would not be increased, and no Republicans would be forced to cast a vote that would violate the Taxpayer Protection Pledge, which most Republicans in Congress have signed. Boehner said that the additional $400 billion in revenue would have amounted to a tax increase that would hurt small businesses.
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