The President's Rebuttal

"The GOP budget cut packet
Is so flawed that I've got to attack it;
The shortfall won't close
Unless we put those
Such as me in a higher tax bracket."

US President Barack Obama responded to the Republican deficit reduction proposal yesterday, declaring that he would "refuse to renew" an extension of the "Bush tax cuts" for the wealthiest Americans, including himself. The proposal put forward by House Budget Committee Chair Paul Ryan (R - Wis.) would privatize Medicare and make drastic cuts in many federal programs, and yet not result in a projected balanced budget until 2030. As the President and most non-partisan experts have pointed out, the federal budget cannot be balanced in a reasonable time frame - even with substantial cuts in programs - without reverting to the tax rates of Clinton years.