What Exactly Did Obama Promise Voters on Tax Hikes

President argues election gave him a mandate, but what exactly did he promise?
3:00 | 12/03/12

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Transcript for What Exactly Did Obama Promise Voters on Tax Hikes
-- Because. It's. -- Cars and he believes that. I think those people acknowledged it the American people support that. He also believes that it's the right thing it was a matter of policy -- and we know. From independent economists -- Tax cuts for middle class Americans and in the case of the legislation he wants to see us. Tax cuts for -- 98% American taxpayers. Are. Vastly more beneficial to the economy and economic growth and giving tax cuts for the wealthiest 2% so -- economic policy we also cannot afford. Tax cuts for the wealthiest 2% that's nine -- fifty billion dollars over ten years that. We should not be spending in order -- is. Provide tax cuts of those who have enjoyed enormous tax cuts of the last ten years as -- classes -- -- squeeze. So when it comes to balance president believes that yes it's the right economic policy bill rates rise. It's the only mathematically sound way to achieve balance and it in -- deficit reduction package and it is bordered by the American. Presence campaign. Well -- -- that I've been trying to make is that. He was very clear about. This so it it should not be. The surprise the Republican leaders and it's certainly not a surprise the American people. In this offer. It's. He's pushing for more it's not just the ones the tax. Increases. Campaigned -- other quote. Repeatedly during the year about his proposal. It is enshrined in. The us seventy odd page document that I. I had with me at the podium last week that was presented. What these super committee's consideration. One point six trillion dollar target deficit. Deficit reduction through revenues has long been his position. It has been explicitly his position. We talked about it prior to the election we talked about it in the aftermath of the election this is not he did not to suggest that he somehow. Added to his proposal is to pretend did nothing -- but. Things we've -- on for instance limiting the mortgage deductions for wealthier Americans are living. Charity auction for for wealthier Americans. Does items -- -- talked about on the Kandahar explicitly and broadly now. His approach on this issue which included lending. -- return -- Clinton levels for the top 2% and included. Broadly one point six trillion dollars in revenues from the wealthiest and if you look at his proposals. And we are very explicit about this. -- here in Washington when we were engaged in legislative negotiations with congress and broadly throughout the year those proposals included. -- talked numerous times last year and the year before. Capping deductions 20%. Here he would -- he did. Kagan and he would he would certainly when gave reporters on discussions about his his detailed plan he would talk about this this is something it. It is it is absolutely true for the top 2% absolutely and it is something that. He has been explicit about. -- war. More than a year since September 11 report that proposal to use. -- -- I would say -- one of the reasons for. Measures that would. Put Americans back to war is that we need to continue to grow the economy and he is always believed it you don't achieve deficit reduction is not able to itself. -- -- We need to achieve deficit reduction away it doesn't halt progress made me throw it back and one -- -- reasons -- people -- so concerned about. The prospect of fiscal cliff is that the combination of tax increases and spending cuts across the board would have a negative impact on an. Hour. So we need to do it and Smart way and president -- and -- -- it even as we. Find savings and enact cuts in programs. Where we can be. Can be -- that we need to make targeted investments. In infrastructure research and development education and -- that help our economy -- along so. -- -- Economic harm job growth might result because via tax increases there could not is part in the sense that it's not specifically designed for that is part of that the president's broader approach to this which is that you need to. -- -- discriminating in how you approach that you need to. Achieve savings weekend significant savings -- trillion plus in the original budget control act and discretionary. Not offense and defense savings. Additional 600 billion dollars in savings put forward as part of his proposal. And then revenues from the wealthiest 2%. Coupled with that you need to make targeted investments that help the economy grow because. The balance in the -- is essential for the broader goal here which is stronger growth strong job creation. He also believes that. As a principal. Deficit reduction done well done right is positive for the economy. -- so so. There there are pieces -- -- they all go together and his. And subject of Israel. In the last few weeks when it comes to. US. Lobbied against. For the Palestinians. Very successful. Results of of the end zone. And US support for Israel military activities. As the US has. Then very steadfastly standing by Israel. I'm wondering in light of other than you expressing displeasure in the papers state wrong. On the matter what. Administration and -- things. To express displeasure with what he's right now -- Settlements and other describes punitive actions against. Well I reprieve to the state department for communications that maybe taking place as they do on a daily basis with the Israelis. I don't have any conversations of the president's arena yeah I -- to be clear we oppose. Unilateral actions that make. -- return to bilateral negotiations -- we oppose. As we long. Israeli settlement activity and construction in east -- because they are counterproductive to. What we believe this the goal here should be -- goal which is. Israel and Palestinian states side by side living. In security and freedom so. We know the US know about this before. The Netanyahu government announced that. You know I would I would -- to the state department for those kinds of communications -- just tell you that. Notified effectively there was one time. That Netanyahu was arriving here. I don't have. Information to -- you must remember when you from the vice president. Arrived in Israel. Austin. I can just tell you Jake and I don't have any specific information about those communications between the Israeli government and this administration. We I don't think we could be clear about our position that we oppose unilateral actions that. Make the return to bilateral negotiations harder. We oppose Israeli settlement activity and construction in these troops more. And you know we're obviously communicating. With -- that -- Again anything additional to provide to you.

This transcript has been automatically generated and may not be 100% accurate.

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