Cheers From Left, Jeers From Right on Obama Deficit Speech

President Barack Obama, in a speech in the Rose Garden this morning, reiterated his belief that taxes must increase on “millionaires and billionaires” in the supercommittee’s deficit reduction agreement. “Now, we’re already hearing the usual defenders of these kinds of loopholes saying this is just ‘class warfare,'” Obama said. “I reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or a teacher is class warfare. I think it’s just the right the thing to do.”