Obama defends opposition to tax cuts for rich Americans

And he defended Barack Obama's opposition to the extension of Bush-era tax cuts for wealthy Americans.

He said that the United States can not afford the $ 700bn (£ 452bn) in tax cuts "for folks who are already millionaires."

Obama made the remarks in the state of Ohio and the faltering U.S. economy appears to be the main issue in the elections held in November in the mid-term.

Republicans attacked Obama's economic management, while he criticized what he called the Democratic effort to block the creation of employment opportunities.

On Friday, the Labor Department said the United States economy lost 54000 jobs in July, with high rates of unemployment to 9.6%.

BBC's James Reynolds, in Washington, says that Obama knows that, whatever else he has achieved, and will be judged by his administration's record on the economy.

Republicans blame Obama to increase the deficit with the hundreds of billions of dollars to stimulate the economy without offering a promise of employment growth.

"People are wondering: Where are the jobs?" The leader of the House Republican John Boehner of Ohio before Obama's speech. The White House called "from" in touch with the American public.

'Rising again'

And the address is in college in Cleveland, second major economic speech this week, as an attempt to shed light on efforts in Congress which is controlled by the Democrats' to create jobs.

"The economy is growing again," he said.

"We have stabilized the financial markets, the private sector and create jobs for the past eight months, respectively, and there are nearly three million Americans who are working today because of the economic plan we have put in place."

But he admitted that the pace of growth had been "painfully slow".

"People feel frustrated and angry and concerned about the future," he said.

"I understand that. I also understand that in a political campaign, the easiest thing for the other side to do is ride this fear and anger all the way to election day."
Mocked the Republican plan

Obama devoted a large part of his speech to attack the policies of the Republican Party.

Referring by name to Mr. Bonner, and criticized Republican plans to extend the tax cuts in the Bush era of the American rich.

"With all the budget pressures our other - with all the talk about the Republican desire to reduce the deficit - it was us borrow 700bn over the next ten years to give a tax cut of about 100,000 dollars to people who are already millionaires," he said.

He scoffed at what he described as a Republican economic plan focuses on tax cuts for the rich and cuts in corporate organization.

"I realize that, and most Republicans in Congress is not to just about every policy has proposed since taking office," adding that the Republican minority believes "if it fails, they win."

"They may think that this will get them where they need to go in November but will not get our country where it needs to go on a long-term, and will not get us there."

Posted in: Obama defends opposition to tax cuts for rich Americans