President Barack Obama said Tuesday that the nation’s fiscal situation is “incredibly perilous” and the president is urging Congress to take action.
“It’s time for us to act,” Obama said in a statement.
“The economy is in a funk.
We’re still in the early stages of the Great Recession.
And while it may seem like the recovery is over, it isn’t.
We can’t let it slip by, so we need to take urgent action to get things back on track.
It’s time to stop this spending spree, stop this tax increase and start taking concrete steps to restore our economy.” “
Congress is in the midst of an unprecedented spending spree that’s hurting our economy and hurting our families.
It’s time to stop this spending spree, stop this tax increase and start taking concrete steps to restore our economy.”
The president called on Congress to approve the first-ever tax increase on high earners in the United States since 1986, and also for Congress to enact a comprehensive plan to fix our nation’s crumbling infrastructure and restore public safety.
The White House said in the statement that the president “will continue to work with Congress to make progress on a plan to address our nation�s fiscal challenges and rebuild our country from the bottom up.”
The president also said that Congress should pass a budget plan to provide a fiscal framework that will provide the necessary revenue to balance the budget in 10 years.
He also called for a plan that allows families to save for their retirement and a plan “that will create jobs, provide the opportunity to grow our economy, and help our nation rebuild from the middle out.”
The White, House and Congressional Budget Office are conducting an analysis of the proposed tax hikes.
House Speaker Nancy Pelosi said in an interview Tuesday on MSNBC that the Republican-controlled House will be “ready to go” on tax increases if the president’s proposal is approved by Congress.
“This is something that is going to be very difficult for me to support,” Pelosi said.
“But the president has got to get something done.
And the sooner we can get something going, the sooner it�s possible for us in the coming months to make some progress on the issues that are really important to me.”
Pelosi, the ranking Democrat on the House Ways and Means Committee, said that if Obama�s tax plan passes, the House will have to vote on the president�s request for a budget amendment that would provide relief for middle-income Americans.
The White House also said Tuesday it expects the Senate to vote in the next few days on a budget bill that would increase federal revenue.
The president said the tax plan would be part of the package that the House would vote on, although the White House has said the president intends to veto the legislation.
But the White house also said the plan would likely not pass the Senate.
“The President has made clear that he wants to take immediate action on tax reform, but he is also determined to work in a bipartisan fashion to pass legislation that will fix our broken tax system,” the White said.
Polls show that most Americans oppose the tax hikes, although they still favor them in some cases.