"Think about that.
In the last decade, the average income of the bottom 90 percent of all working Americans actually declined. Meanwhile, the top 1 percent saw their income rise by an average of more than a quarter of a million dollars each. That's who needs to pay less taxes?
They want to give people like me a $200,000 tax cut that's paid for by asking 33 seniors to each pay $6,000 more in health costs.
That's not right, and that's not going to happen as long as I'm president.
This vision is less about reducing the deficit than it is about changing the basic social compact in America. Ronald Reagan's own budget director said there's nothing serious or courageous about this plan.
OBAMA: There's nothing serious about a plan that claims to reduce the deficit by spending a trillion dollars on tax cuts for millionaires and billionaires. And I don't think there's anything courageous about asking for sacrifice from those who can least afford it and don't have any clout on Capitol Hill. That's not a vision of the America I know.
"The America I know is generous and compassionate. It's a land of opportunity and optimism. Yes, we take responsibility for ourselves, but we also take responsibility for each other, for the country we want and the future that we share.
We're a nation that built a railroad across a continent and brought light to communities shrouded in darkness. We sent a generation to college on the G.I. Bill and we saved millions of seniors from poverty with Social Security and Medicare.
We have led the world in scientific research and technological breakthroughs that have transformed millions of lives.
That's who we are. This is the America that I know.
We don't have to choose between a future of spiraling debt and one where we forfeit our investment in our people and our country." President Barack Obama, in that same speech
I'm sensing a comeback. After all this time. What the president said this afternoon could have been said by any number of Republican predecessors: Abraham Lincoln, Theodore Roosevelt, Dwight D. Eisenhower, and yes, even Richard Nixon