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Obama: Americans Need To Be Ready To "Pay Their Fair Share"

Catherine Green |
September 17, 2011 | 2:03 p.m. PDT

Executive Producer

President Obama addressed a Joint Session of Congress, Sept. 8. (White House)
President Obama addressed a Joint Session of Congress, Sept. 8. (White House)
Pressing on to promote a staggering $447 billion jobs-creation bill, President Obama directed his weekly address Saturday toward Americans who will undoubtedly feel the pinch as the country works to reduce the deficit.

Reuters reported on the president's preview of proposals that will include increased taxes on the wealthy, as well as tax breaks for small businesses and funds for public works projects.

The president said he will submit a plan of action to a congressional "super committee" Monday, explaining exactly how the country will pat down its debt "by following some basic principles: making sure we live within our means and asking everyone to pay their fair share."

According to Reuters, Republicans have been vocal in their disapproval of Obama's plan, particularly its enthusiasm for higher taxes on the rich.

Republicans, who have raised the volume on Washington's fiscal problems as the November 2012 presidential election nears, see higher taxes on the wealthy as a problem for jobs, given that entrepreneurs and companies would be strongly affected.


In his party's weekly address, Republican Congressman Peter Roskam said Obama's barnstorming about the jobs bill had masked other constraints on the economy that are keeping people from getting back to work.


"Washington has become a red tape factory, with more than 4,000 rules in the pipeline -- hundreds of which would cost our economy more than $100 million each annually," Roskam said.

House Speaker John Boehner also denounced the plan, urging Congress to instead simplify the tax code as the congressional committee works to find $1.2 trillion in budget savings over the next 10 years.

According to a poll commissioned by CBS News and The New York Times, Republican politicians aren't alone in their criticism of the proposal. Fifty-three percent of Americans polled outrightly disapprove of Obama's job-creation efforts, compared to just 40 percent in support. Specific to the plan in question, 47 percent are not confident that the proposed changes will create jobs or stimulate the economy.

The Joint Select Committee on Deficit Reduction will hear Obama's revised plan on Monday, but the panel is on a tight deadline — their daunting task of drafting an outline for tax reforms must be finished by Nov. 23.

Watch video of President Obama's weekly address below.

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