President Obama Speaks to the Business Roundtable
05:33 PM EDT
Today, President Obama spoke to members of the Business Roundtable, an association of CEOs of American businesses, and reiterated his plan to extend tax cuts for middle-class families.
He explained how preventing tax hikes for middle-class families is good for business leaders as well as the broader economy.
“If the companies in this room are doing well, then small businesses and medium-sized businesses up and down the chain are doing well," he said. "If companies in this room are doing well, then folks get jobs, consumers get confidence, and we're going to be able to compete around the world.”
The President said that a bringing down our deficits in a balanced way means cutting spending as well as raising revenue through higher tax rates on the wealthiest Americans -- which would include some members of the Business Roundtable.
Let’s allow higher rates to go up for the top 2 percent -- that includes all of you, yes, but not in any way that’s going to affect your spending, your lifestyles, or the economy in any significant way; let’s make sure that 98 percent of Americans don't see a single dime in tax increases next year, 97 percent of small businesses don't see a single dime in tax increases next year -- and by doing that alone we raise almost a trillion dollars without any adverse effects on the economy.
Read the President's full remarks here.