Republican Tax Plan

Chief of Staff Panetta discussed and took questions on the tax cut proposal by Republicans and the president’s response to it. Mr. Panetta expressed concern about the fairness and fiscal integrity of the proposal. He noted that the proposal outlines benefits, particularly for the wealthiest taxpayers in the country, but doesn’t specify the spending cuts to pay for the tax cuts. He added that the administration hasn’t seen the spending cuts to pay for the balanced budget that Republicans continue to promise. Mr. Panetta emphasized that the president rejects the idea of targeting the most vulnerable in our society--children, needy families, and the homeless--in order to pay for these tax cuts, especially for tax cuts that are benefitting the wealthiest. He called on Republicans to present their deficit reduction proposal and get the budget resolution passed by April 15 and to target the tax cuts to working families in this country. Mr. Panetta said Republicans should drop the "most onero close