Obama Press Secretary Jay Carney (press gaggle June 6) on raising tax rates on upper-income Americans:
“ President Clinton, in 1993 -- and I'm old enough to say this from experience because I covered him -- passed a budget plan that included raising rates on upper-income Americans. At the time, Republicans in the House and the Senate, including the very leaders that we have today, decried that budget plan as one that would cause a recession, economic decline, increase deficits, all the worst possible outcomes. What happened? The longest peacetime expansion in American history, 22 million jobs, and a situation where the middle class saw its incomes rise, not just for the wealthiest Americans.
Let's fast-forward to the eight years prior to President Obama taking office. Those same Republican leaders supported policies that led to a situation where the record surpluses that President Clinton bequeathed on his successor were transformed into record deficits when President Obama took office. The prescription that the Republicans put forward has been tried and it was a woeful failure. ”