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Axelrod: Buffett Rule "Helps Us Stabilize The Deficit"

Fox News Sunday’s Chris Wallace: “In the last week the President has made a couple of major speeches and devoted his entire weekend media address to the Buffet Rule. When the President introduced the Buffet Rule last September he said it was a matter of fairness and, and this is the quote, ‘we also stabilize our debt and deficits for the next decade.’ But here's the math: the Buffet rule that millionaires should pay a minimum tax of 30 percent would bring in $47 billion, $47 billion over the next decade while the President's budget adds $6.4 trillion to the deficit over the next decade. David, according to one estimate, the money you would get from the Buffet Rule would cover just 17 days of the increased deficit under the Obama budget.”

Obama Strategist David Axelrod: “First of all, Chris, the President's proposal in total would cut the deficits by $4 trillion over the next decade and put us on the path to where the debt is stabilized and we’re able to manage it, where it’s just three percent of the total economy which is where everyone agrees we need, we need to be. In terms of the Buffet Rule, I remember when $47 billion seemed like a lot of money, it is a lot of money. There is a question - when you reduce the, when you eliminate the Bush tax cuts for the very wealthy that adds another $800 billion. So this is a piece of a larger pie along with $1.5 trillion . . .”

Wallace: “But would you agree, would you agree to cuts . . .”

Axelrod: “Look let me tell you something, Mitt Romney is out there arguing that we should cut Planned Parenthood because we can’t afford it, funding for women's health programs because we can’t afford it. That’s $300 million a year. He says we have to cut foreign aid by $100 million a year and that's because of, that’s because of the deficits. So you can't argue it both ways. This is a significantly larger piece of the budget.”

Wallace: “I am -- if I may, David, I am going to get into a lot of that with Ed Gillespie in the next segment. But you would certainly agree that when the President introduced it last September and he said the Buffet Rule would ‘stabilize our debt and deficit over the next decade,’ that wasn’t true.”

Axelrod: “No, what he said it is part of an overall plan that will stabilize our debt and deficit and which his plan would.”

Wallace: “That's not what he said.”

Axelrod: “Nobody can argue, nobody can argue, Chris, nobody can argue that it makes sense for people who are making $1 million or more to pay less than the average middle class worker in this country. So it both helps us stabilize the deficit and ensures an amount of fairness in our tax system. And if Mr. Gillespie and you want to argue otherwise, then so be it. But those $47 billion can be put to much greater use.”

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