Obama signals opposition to 'millionaires tax'

When asked if he would modify his position on the Bush-era tax cuts to only increase taxes on those making at least $1 million, President Obama on Monday said the country simply could not afford it. 

"I can't give tax cuts to the top two percent of Americans — 86 percent of that going to Americans making $1 million or more — and lower the deficit at the same time," he told CNBC. "I don't have the math." 

However, Obama did leave the door open for tax cuts for the wealthy after the economic crisis subsides.

"Let's go ahead and move forward on what we've agreed to, which is tax relief for 97 percent of Americans," he said, adding, "at some point in the future, if we want to have discussions about furthering lowering tax rates, let's do so at a time when we can actually afford them." 

Obama remains committed to extending the Bush-era tax cuts for individuals earning less than $200,000 a year and couples making less than $250,000 annually. 

Sources tell The Hill that Senate Finance Chairman Max Baucus (D-Mont.) could unveil his tax-cut proposal very soon.