Obama’s Next Step On Debt: Tax Rich To Pay Fair Share By Michael McIntee | August 2, 2011 LikeTweet EmailPrint More More on DC Subscribe to DC Follow this author Click picture to watch President Obama's statement on the debt ceiling vote Click picture to watch President Obama's statement on the debt ceiling votePresident Obama reacts to Congress raising debt ceiling by saying it is just the first step in reducing the deficit. “This is, however, just the first step. This compromise requires that both parties work together on a larger plan to cut the deficit, which is important for the long-term health of our economy. And since you can’t close the deficit with just spending cuts, we’ll need a balanced approach where everything is on the table. Yes, that means making some adjustments to protect health care programs like Medicare so they’re there for future generations. It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share. And it means getting rid of taxpayer subsidies to oil and gas companies, and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses. “I’ve said it before; I will say it again: We can’t balance the budget on the backs of the very people who have borne the biggest brunt of this recession. We can’t make it tougher for young people to go to college, or ask seniors to pay more for health care, or ask scientists to give up on promising medical research because we couldn’t close a tax shelter for the most fortunate among us. Everyone is going to have to chip in. It’s only fair. That’s the principle I’ll be fighting for during the next phase of this process. “ Support this story and all the stories from The Uptake. Donate.