But what I’ve also said is if we’re serious about reducing the deficit, if this is genuinely a moral obligation to the next generation, then in addition to some tough spending cuts, we’ve also got to make sure that the wealthy do a little bit more.
So what I’ve said is your first $250,000 worth of income, no change. And that means 98 percent of American families, 97 percent of small businesses, they will not see a tax increase. I’m ready to sign that bill right now. The only reason it’s not happening is because Governor Romney’s allies in Congress have held the 98 percent hostage because they want tax breaks for the top 2 percent. But what I’ve also said is for above 250,000 (dollars), we can go back to the tax rates we had when Bill Clinton was president, we created 23 million new jobs. That’s part of what took us from deficits to surplus.
It will be good for our economy, and it will be good for job creation."
— Barack Obama, debating Mitt Romney: Transcript And Audio: Obama-Romney 2nd Presidential Debate : NPR