President Obama goes back to his original belief when he says the rich should pay "fair share" of the debt reduction. If valuable programs get cut, the President feels the wealthy should cover the nation's expenses, according to USA Today.
President Obama doesn't feel the lower and middle-class should carry the burden of paying the debt. He's promoting a "balanced" plan as negotiations, which have been stalled, play out in the House and Senate.
Parties are trying to raise the nation's $14.3 trillion debt plan while reducing spending for the future. The decision needs to be reached by August 2 when the Treasury Department says it may default on some of the country's bills. A two-step plan is underway to accomplish this before President Obama is granted more borrowing authority.
Prior to President Obama ever being elected, his views on the rich paying more in taxes and on debt was a popular platform among voters. It's a hot button topic for Obama, hitting a nerve with those in higher income brackets. Will this issue divide a nation even further?