Obama: Don't use debt as a gun against Americans

Associated Press
House Majority Leader Eric Cantor of Va., right, speaks to reporters during a pen and pad on Capitol Hill in Washington, Wednesday, July 6, 2011. (AP Photo/Manuel Balce Ceneta)
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WASHINGTON (AP) — President Barack Obama says the debt ceiling should not "be used as a gun against the heads" of Americans to retain breaks for corporate jet owners or oil and gas companies.

Answering questions posed to him on the social Networking site Twitter, the president cast the debate over reducing the deficit in some of the starkest language he has used so far.

Obama is seeking to reduce the deficit, in part, through new tax revenue raised by closing loopholes and tax subsidies. Among the loopholes cited by the White House are tax benefits for corporate jets. He also has called for ending subsidies to oil and gas companies, a proposal that would generate about $40 billion in revenue over 10 years.

Republicans have opposed measures that raise taxes.

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