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Showing posts with the label tax increase

U.S. debt ceiling debate moves on

President Obama speaks during a Twitter town hall meeting, where he answered questions sent through Twitter. NEW: Senate Republican leader says his party's positions are "common sense" President Obama argues for ending Bush-era tax cuts for the wealthy Congressional negotiators need to put their "sacred cows" aside, Obama saysTalks with congressional leaders are set for Thursday at the White House President Barack Obama said Wednesday he wants a deal with Congress in the next two weeks to tackle mounting deficits and allow an increase in the federal debt ceiling , but he didn't rule out using a constitutional argument to increase how much money the government can borrow. "I don't think we should even get to the constitutional issue ," Obama said during a Twitter town hall at the White House in response to a tweeted question on whether he would rely on a clause in the Fourteenth Amendment to unilaterally raise the debt ceiling . The debt...