President Remains Firmly Against Tax Cut For Rich

09.09.10 | FL News Team

President Obama remains adamantly against a Republican push to extend Bush-era tax cuts for the rich.  However, during a Wednesday interview with ABC's "Good Morning America" that aired today, Obama stopped short of threatening to veto such a measure if it's approved by Congress.  When asked twice about whether he'd used his veto power, Obama sidestepped the question and said, "There are a whole bunch of better ways to spend the money."

He again stated his view that the U.S. can't afford to extend tax cuts for wealthy Americans that were launched by the Bush administration before him.  They're scheduled to expire at the end of this year.  The tax cuts are a big issue in this congressional election year as Obama strives to keep Democrats in charge.  

Republican John Boehner has called for a two-year freeze on all current U.S. tax rates, which would include the middle-class as well as the wealthy.  Obama stressed his opposition to a blanket freeze, but says his administration is agreeable to extending the cuts for families making less than 250-thousand dollars annually.  During his "GMA" interview Obama stated, "probably the least efficient way of giving the economy a boost" is to provide large tax cuts to "millionaires and billionaires."