TAPPER: Does the White House have any response to the protests, the tea party protests going on across the street and in other parts of the country?
GIBBS: I don’t know if there’s a specific response to protest as much as there is — I think you saw the president today talk about, as candidate Obama, promising to bring a tax cut to 95 percent of working families in America and, as president, delivering that tax cut. Let’s, for the benefit of everyone, go through what some of these are. The Making Work Pay tax credit, which gives $800 for a working — working households, as I said, helps 95 percent of working families, which is over 120 million households in all.
And it is the most workers to — as the president said — the most workers to ever receive a tax cut in the history of this country. During the recovery period, Making Work Pay is expected to put more than $100 billion into the pocket of hard-working Americans. We expanded the first-time homebuyer tax credit, and over $3 billion in credits have already been paid out to first-time homebuyers to, not surprisingly, spur the purchase of a home.
There was an increase in the Earned Income Tax Credit. There was an increase in the American Opportunity Tax Credit that is available now for up to four years of college and is the first college tax benefit to be partially refundable, which helps middle-income families. We could go on and on. The president promised significant tax relief for working families in this country and, in the first month of his administration, delivered just that to the American people.
TAPPER: And ask one quick question about something the president said. When he refers to $2 trillion having been cut out of the budget over the next 10 years, is it accurate to say that about $1.5 trillion of that is from drawing down the wars in Iraq and Afghanistan?
GIBBS: I could check with CBO on — on some specifics on — or not CBO, OMB. Sorry, I got my vowels all mixed up. We’ll check on that.