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Obama jabs Republicans over tax cuts for rich

President Barack Obama on Thursday said the only thing keeping Republicans together was a desire to shield the rich from higher taxes, in a new jab over an imminent budget confrontation. Obama is mounting a full bore campaign push to heap blame on Republicans over a multi-billion dollar package of automatic spending cuts due to hammer the US economy on March 1. The president wants to replace the cuts with a balanced set of spending cuts and revenue hikes obtained by closing tax loopholes, but Republicans in Congress are resisting the idea of higher taxes.

Top Senate Democrat: revenue must be part of any US budget deal

WASHINGTON, Feb 3 (Reuters) - The top U.S. Senate Democrat said on Sunday tax revenue must be part of any deal to replace looming automatic spending cuts, despite Republican warnings that they will not buckle over this issue after conceding on tax rises for the rich a month ago. In separate remarks, U.S. Defense Secretary Leon Panetta also took aim at the $85 billion in across-the-board spending cuts, known as the sequester, which bite on March 1 unless Congress takes action, and warned they would harm U.S. security.
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