President Obama predicted that Republicans would reconsider their position as the deadline nears for raising the nation’s limit on borrowing.

Stretching_DollarPresident Obama used his harshest language yet to urge congressional Republicans to agree to end tax breaks “for millionaires and billionaires” as part of a deal to reduce the annual budget deficit, calling the lawmakers’ refusal to consider any tax increases “indefensible.”

At a press conference in the East Room of the White House, Obama said he is willing to cut spending on a range of programs by more than $1 trillion, to trim the defense budget and to look for ways to control entitlement costs. But he said Republicans must agree to allow taxes to rise on the wealthiest Americans and to eliminate tax breaks for oil companies and corporate jet owners.

“Hopefully leaders at a certain point rise to the occasion and do the right thing for the American people,” the president added.

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Source: Zachary A. Goldfarb | The Washington Post