The Language of Fools - "We Cannot Afford?"

White House Press Sec. Robert Gibbs

The White House waved off suggestions that President Obama will draw a line in the sand refusing to extend tax cuts for the wealthy during his speech Wednesday. Though the administration has said several times that it wants to let the Bush-era tax cuts for the wealthiest Americans expire, White House officials told Fox News that a New York Times article saying that the president will announce a final decision is overwritten. The Times reported that during his speech in Cleveland Obama will affirm that he is against any type of deal extending the high income tax cuts beyond this year. The president’s speech is intended to introduce a trio of proposals made to spur economic growth through tax cuts and investment. But the administration refuses to call the measures a second stimulus package. White House Press Secretary Robert Gibbs had defended the president’s position on the tax cuts Tuesday. “The president's viewpoint is that we cannot afford to extend the tax cuts for those making more than $250,000 a year,” Gibbs said. “Most of the spending for extending those tax cuts comes from … incomes that surpass $1 million. Roughly, for a millionaire, that's $100,000 tax cut. I don't think the president believes that we are a $100,000 tax cut from a millionaire away from an economy that works for families that are making $40,000 a year.” Read more here:

The Language of Fools - "We Cannot Afford?"