Portman slams Obama for trying to raise taxes on small businesses

(CBS News) Ohio Sen. Rob Portman said President Obama is trying to reduce the deficit on the backs of small businesses by letting the Bush-era tax cuts expire for top earners, saying the president's recent rhetoric shows "a fundamental misunderstanding of the American economy."

"He is somehow trying to get the American people to believe if you just tax small businesses more, we can solve this deficit and debt problem," said Portman, appearing on Fox & Friends Tuesday morning. He argued that letting the tax cuts expire would have a minimal effect on the economy, citing a Congressional Budget Office report that said the revenue from such a move would amount to only four percent of the economy.

"Even if do you that, it runs government for about a week," Portman said. "So it's not the answer to our deficit problems and it's part of this concern I have about the direction of the economy under this president. We continue criticize business. We continue to play class warfare and this is what's driving investment and jobs and opportunity offshore," he said, advocating for presumptive GOP nominee Mitt Romney as president.

Portman, who is widely believed to be at the top of the short list for Romney's running mate, offered no news on the search process. Asked if he had heard from Romney recently, he replied, "I have not. I've been watching him on Fox, though!"