Obama rejects $2.4 trillion plan without tax hikes

Reuters News
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Posted: Jul 15, 2011 11:23 AM
Obama rejects $2.4 trillion plan without tax hikes

WASHINGTON (Reuters) - President Barack Obama on Friday said he would not support a $2.4 trillion plan to reduce the federal deficit without some tax hikes to increase revenues.

"I have not seen a credible plan, having gone through the numbers, that would allow us to get to $2.4 trillion without really hurting ordinary folks," he told a White House press conference.

"The notion that we would be doing that and not asking anything from the wealthiest among us, or not closing corporate loopholes, that doesn't seem like a serious plan."

(Reporting by Jeff Mason, Laura MacInnis and David Morgan; Editing by Eric Walsh)