The bipartisan Fiscal Commission I created last year made this crystal clear. I don’t agree with all their proposals, but they made important progress. And their conclusion is that the only way to tackle our deficit is to cut excessive spending wherever we find it – in domestic spending, defense spending, health care spending, and spending through tax breaks and loopholes.Underlying assumption: We in the government ALLOW you, the taxpayer who should have a right to the fruits of his labors, to keep a portion of the money you worked for.
This assumption is contrary to the philosophy of our Founders and the intent of our Constitution.
Additionally, see this from the Associated Press: "FACT CHECK: Obama and his imbalanced ledger."