In Ohio, Obama defends tax stance, slams GOP

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PARMA, Ohio — Appearing in the home state of one of his harshest congressional critics Wednesday, President Barack Obama defended his administration’s economic policies and accused the GOP of peddling "the same philosophy that led to this mess in the first place."

As the final stretch of the midterm election season approaches, the Obama administration has been eager to make the case to voters that their chief concern — the economy — is also at the top of the White House's list of priorities.

Obama said that Congress should permanently extend Bush-era tax cuts for middle class families while allowing those for individuals making over $200,000 a year and households making more than $250,000 a year to expire, arguing that the country cannot afford tax cuts for the wealthy.

"With all the other budgetary pressures we have — with all the Republicans' talk about wanting to shrink the deficit — they would have us borrow $700 billion over the next ten years to give a tax cut of about $100,000 to folks who are already millionaires," said Obama, making the case that middle class families would be more likely to spend their tax savings than the wealthy, providing a better stimulus for the economy.

http://www.msnbc.msn.com/id/39056696/ns/politics-decision_2010/