Obama on "60 Mins": "Basis for Conversation" to Extend Tax Cuts for Wealthy

President Obama talks to Steve Kroft at the White House for his first one-on-one, post-midterm elections interview. It will be broadcast on 60 Minutes, Sunday Nov. 7, 7 ET/PT on CBS.

/ CBS News / 60 Minutes

Days after the Republican Party regained the House majority, President Barack Obama tells "60 Minutes" correspondent Steve Kroft that there is now "a basis for a conversation" over extending the Bush tax cuts for the wealthy.

The sit-down with Kroft is the president's first one-on-one interview since the midterm elections, and will be broadcast tonight on CBS at 7 p.m. ET/PT.

Here's an excerpt of the exchange:

Steve Kroft: "Congressman Boehner is the next Speaker of the House, most likely. [He] offered you a compromise back in September. He suggested extending the tax break for the wealthiest for two more years and rolling back discretionary government spending to levels before the bailout in 2008. Is that something that you could live with?"

President Obama: "I think that when we start getting specific like that there's a basis for a conversation. I think that what that means is that ... we can look at what the budget projections are. We can think about what the economy needs right now, given that it's still weak.

"And hopefully, we can agree on a set of facts that leads to a compromise. But my number one priority coming into this is making sure that middle class families don't see their tax rates go up January 1."

Kroft: "Do you want to make a counter proposal to him right now?"

President Obama: "I think I've already invited them over to the White House."

In the interview Mr. Obama also said the defeat of his party in the midterm elections was probably because the people thought his emergency stimulus and bailout spending was "a huge expansion of government."

[BigKen0250]

First, I'm not a wealthy person, I work a 40 hour job as does my wife. I just don't understand why our congress wants to penalize someone because they earn more money than I do. I thought the idea ws to be as successful and rich as you wanted without any discrimination from the government. Taxing the rich is not fair. None the less, the biggest problem that we have in this country is that the people we elect do not listen, or cannot hear. Even when there is a horric outcry, they can't comprehend what's being said. When they don't get re-elected, it's always someone else's fault....they didn't do anything......

I have several ideas that I have approached elected officials about and I'll share them....

1. Effective January 1, 2012, the United States Government will no longer pay for or pay benefits for any child born out of wedlock. That gives every man and woman in the United States a little more than a year to figure out how to use birth control.

2. Effective January 1, 2012, The United STates Government will no longer pay for abortions of any kind except those as a case of incest or rape. That gives women a bit more than a year to figure make their "choice" before they get pregnant.

3. Effective January 1, 2016. The United States Government will no longer pay welfare benefits to any person. That gives all of the people who are dependent on the US Gov't for everything, 5 years to get a means of self support.

Just these three items will save over $1T a year in spending that could be better spent creating new jobs.

4. Effective January 1, 2013. All Gov't workers, state and county workers pension benefits will be changed. The pension amount paid to an individual will be 50% of their annual salary and not 80%. All persons on a federal pension will be effected, including former members of the US Senate and the US House of Representatives.

5. Effective January 1, 2012. All members of the US Senate and US House of Representatives will have all healthcare performed by the Veterans Association. They will receive free on site care at their state VA hospital or medical center. There will be no exceptions.

Maybe VA healthcare will be better funded.

This may seem a bit radical, but today, not one member of congress will even discuss any of these issues.

In 2016 I will be 66 years old. I have been informed that I can retire on my birthday in 2016. I've been paying income taxes and social security taxes since 1958 and may not even be able to get what I've put in for more than 52 years.

Finally 6. Effective January 1, 2013. The United States Government will no longer provide any benefit for any foreign national entering the United States. No Foreign person shall be eligible for housing, social security or any taxpayer funded program.

In six steps, I've been able to recover approx. $2.5T and for those that don't understand ($2,5000,000,000,000.00). That's about 20% of the current debt.

All of you far left liberals.....this might be so far out of whack that you might have a stroke. Please, take a breath and try to understand that we no longer can just give away the taxes we pay.

Oh and one other thing.....I'm a four tour Viet Nam Vet. I'm agent orange disabled, still hold a 40 hour a week job and pay my taxes.
A former military friend of mine died Saturday 11/6/10 after a long
fight with cancer as a result of Agent Orange exposure. You don't have to worry about us much longer, Viet Nam Veterans are dying at a rate of 7000 a month. We'll all be dead by 2024.

[Rodeo_Joe]

Rich People get their way. Go figure.

[lesstax]

The ONLY way to retire is to lower your taxes!

This is bold but also true! Check out this chart that illustrates how taxes can affect your wealth building and your retirement:

http://spendingtrackerplus.com/lower_taxes.php

In this example, if you only earned $1 dollar this year and doubled your earnings every year for 20 years, and paid taxes on those earnings, you would be left with only $22,370!

On the contrary, if you did NOT pay taxes because you were able to take legal deductions each year, you would have over 1 million dollars to enjoy!

[RobAla]

Actually, President Obama's number priority is not making sure the middle wage earners don't pay higher taxes. His number one priority is to maintain the expanded federal government that he and Congress are responsible for creating on the backs of struggling businesses and taxpayers. He wants more money coming into Washington, so he wants more taxes. More taxes on the high wage earners will redirect money out of our struggling economy and into Washington. His horrible health care bill will require more taxes from Americans. On and on. The first thing we need to do is to repeal the health care bill, which causes the majority of Americans to have higher health care costs. Then we need to go back to the 2008 budget. Afterwords, we need to reduce the size of the federal government by 5% each year until we have a balanced budget. Does this mean that we need to dismantle most of what President Obama and this Congress has done over the past two years? YES! Look around at the continued 9.5% unemployment and record breaking $1.3 trillion deficit for this year. We simply can not afford these policies. Stop all the talk about President Bush. I didn't like his deficits, and I sure don't like President Obama's worse deficits.

[tomlarryjr]

What a WIMP! We had over 50% majority in the House, Senate, and Obama was supposed to be a President. A leader would have said we are going to lead this country into success and, as always, we will drag the republicans into unbelievable wealth kicking and screaming the entire way. Obama did not go after the pharmaceuticals, the insurance companies, the FDA... Nothing. We have a war industry that made a killing, an auto industry praying for another Japanese recall, a bank industry that regulates a minimum six figure bonus, and the worlds richest man slowly selling off everything. It is time they give it back. No John, the first trillionaire will not be the Messiah that will magically clean our air, feed our poor, and keep our elderly off the streets. More likely, it will be a Chinese banker who will want the interest rate that our banks are now charging the average small business man. The average small business man is the guy that probably will not be affected by the end of the Bush tax break. John, I don't think you have ever met one, and I beginning to think the same thing about you too, Barrack. It is not looking good for America. How is your Chinese?

[stn_sage]

While tax cuts for the wealthy are an issue that needs to be dealt with, probably due to the election, they appear to be getting MORE attention than many issues that far MORE critical! I'd warn Congress and the President that they're making a huge mistake if they get 'bogged down' on this issue! The public wants other things done, and done first before this! The public is watching! And, if 'D.C.' doesn't start producing results, incumbent Reps and Dems will continue to be fired in 2012!!

[apuan777]

The only reason trickle down doesn't work is that the people at the bottom of trickle down don't want to work for the trickle.

[democracy5]

Apuan, you must be the biggest idiot that has ever posted on these boards.

[gina_maria]

That's the most ridiculous thing I've ever read. Trickle-down doesn't work because the wealthy are playing a game of "mine's bigger than yours" and they're not interested in doing anything that benefits others, like providing living wages or keeping people employed when massive layoffs increase profits and earn them huge bonuses.

[mars7578]

America has been losing jobs to third world countries and China for years.The GOP thinks that cutting taxes for businesses and wages will change this.To compete on a wages level is impossible as is on a national welfare level.Governor Christe has already impliment this approach and is awaiting for the jobs to come back from overseas and for companies to start hiring with less demand.Meanwhile,this has lead to more layoffs,higher unemployment,lower wages,rationing of services including medical,additional lost of tax revenue , higher fees and incresed poverty.By the way, i dont believe flooding the system with dollars will add jobs at this point of the recovery.When is Congress going to address fundamentals?

[apuan777]

Yep, those $30/hour union jobs are making America a stronger empire. Oh guess what, businesses don't want to pay slackers to do nothing anymore. What are you dems doing about that?

[democracy5]

So, apuan, are we supposed to work for $4 a day like the slaves in other countries do in order to compete with them? What is YOUR solution to that?

[bigsk8fan]

it will be great to see obama re-elected and the minority republicans on the receiving end again. the republicans still don't stand for anything.

[apuan777]

At least the GOP battle cry isn't, "Others people's money!"

[msay3]

Obama is nothing more than an A$$ Kisser!!! Anything to get re-elected...Doesn't matter whether he believes in principles or not...He only cares about advancing his own position, regardless of what it costs the citizens of the United States....Americans are expendable when it comes to Obama's selfish self-centered wants. Get rid of that piece of garbage in 2012!!