tax

With less than a week before deep spending cuts kick in, Republicans in their weekly address accused President Obama of being ready to plunge the economy into a tailspin to extract higher taxes.

“The fact is: Republicans in Congress, right now, will provide the flexibility to make the necessary spending reductions and address our deficit and debt, instead of going through the sequester. In fact, House Republicans have already passed two bills to replace the President’s sequester,” said Sen. John Hoeven (R-N.D.). “So the question is: Why won’t he work with us? And the answer, quite simply, is because he wants higher taxes.”

Obama has been traveling the country to create momentum for legislation that would replace the automatic, across-the-board cuts with a mix of tax hikes on the rich and specific cuts. He is expected to travel to Virginia next week to continue pressing his message even as Republicans have sought to pin the blame for the sequester on him.