Unveiling his budget proposal Wednesday at the White House, President Obama said entitlement reforms must be met with reforms to the tax code, including closing loopholes that benefit the wealthy.
"If you're serious about deficit reduction, then there's no excuse to keep these loopholes open," Obama said in the White House's Rose Garden. "They don't serve an economic purpose, they don't grow our economy, they don't put people back to work. All they do is to allow folks who are already well-off and well-connected game the system."
Obama added, "If anyone thinks I'll finish the job of deficit reduction on the backs of middle-class families or through spending cuts alone that actually hurt our economy short-term, they should think again. When it comes to deficit reduction, I have already met Republicans more than halfway, so in the coming days and weeks I hope that Republicans will come forward and demonstrate that they're really as serious, as serious about the deficits and debt as they claim to be."