Sept. 19 - U.S. President Barack Obama laid out a plan to cut the U.S. deficit, striking a populist tone aimed at galvanizing his Democratic Party base ahead of the next election. Rough Cut (no reporter narration).
ROUGH CUT - NO REPORTER NARRATION President Barack Obama on Monday (September 19) said he would work with the U.S. Congress to revamp the tax code and lower corporate tax rates, but that any deal must raise revenue to pare the deficit. Obama also said the wealthier should go back to paying rates they paid in the 1990s and that the middle class should not pay higher rates than millionaires. The president called on Congress to take up his plan to slash up to $3 trillion from the deficit over a decade. Republicans, who control the U.S. House of Representatives, are firmly against any tax hikes to raise revenues, so the plan is not seen moving forward in its current form. With opinion polls showing most Americans disillusioned with his economic leadership, winning re-election may hinge on his success in painting Republicans as the party of the rich. Republicans have consistently opposed any measures resembling tax hikes, saying they will hurt the struggling U.S. economy.