Obama firm against tax cuts for rich; no veto threat

WASHINGTON, Sept 9 (BestGrowthStock) – U.S. President Barack Obama
stood firm on Thursday in opposition to a Republican push to
extend Bush-era tax cuts for the rich but stopped short of
threatening to veto such a measure if passed by Congress.

“There are a whole bunch of better ways to spend the
money,” Obama said in an ABC News interview when pressed twice
whether he would use his veto power to block such a move. He
did not directly answer the question.

Obama, fighting to keep Democrats in charge of Congress,
reiterated his view that the United States could not afford to
extend tax cuts for wealthy Americans enacted under former
President George W. Bush and set to expire at the end of this
year. The issue has become a hot-button issue in a
congressional election year.

John Boehner, the Republican leader in the House of
Representatives, called on Wednesday for a two-year freeze on
all current U.S. tax rates, which would cover the middle-class
as well as the rich.

Obama has made clear that he would not support such a
blanket freeze but says his administration is ready to extend
tax cuts for families making less than $250,000 a year.

Obama, in an interview with ABC’s “Good Morning America”
program conducted on Wednesday, said “probably the least
efficient way of giving the economy a boost” is to give large
tax cuts to “millionaires and billionaires.”

With the unemployment rate at 9.6 percent and the economic
recovery sputtering, Obama’s Democrats are struggling to keep
control of Congress in November elections.
(Reporting by Matt Spetalnick; Editing by Bill Trott)

Obama firm against tax cuts for rich; no veto threat