Obama Caught Pulling Fast One On '60 Mins'

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Starts at the 2:35 Minute Mark

PRESIDENT OBAMA: We ended up asking the wealthiest Americans to do a little bit more in terms of taxes. Going back to rates that would still be lower than they were under Ronald Reagan, our deficit problems would be solved.

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Doing the math: President Obama's plan to tax the rich will hardly make a dent in the deficit

According to the Congressional Budget Office, over the next 10 years the Obama budget will produce a deficit of $10.900 billion, or 5.3% of GDP on average.

According to the left's own calculations and as reported by the New York Times, Obama's plan to raise taxes on the rich will generate $700 billion in additional revenue over the next decade, or just a pathetic 0.3% of GDP.

In other words, the plan to raise taxes on the rich will only cover one out of fifteen dollars of deficit spending. Where isPresident Obama going to get the other fourteen out of fifteen?