President Barack Obama seeks closed loopholes, 'smart' reductions
Angry at his bank for taking too big a scoop in overdraft fees, one Pittsburgh ice cream shop owner decided to set up his own flavor of a community bank, with interest on deposits paid out in sweets.
Photographer: AP Graphics Bank
Posted: 02/03/2013
WASHINGTON - President Barack Obama says the U.S can reduce its budget deficit by closing tax loopholes and making "smart" reductions in spending.
Obama says closing tax loopholes should enable the U.S. to "continue to fund things that can help us grow" without raising tax rates again.
In an interview on CBS a few hours before the Super Bowl, the president said he wants the tax system to be "fair and transparent," noting that the average taxpayer can't take advantage of things like offshore tax havens.
Obama also called for further health care reforms, noting the U.S. spends "more than every other country does." He says there's "no doubt we need additional revenue coupled with smart spending reductions."
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