Obama: Deficit plan must include higher taxes for wealthy

President Obama called on Congress on Friday to reduce the deficit in “a balanced and responsible way” in his first public remarks since winning reelection.

The president said Congress should extend the current tax rates for 98 percent of Americans, but raise taxes on households with annual income of more than $250,000.

Obama did not talk about higher tax rates in his speech, he said he would not accept a deal that cut spending and entitlements but did not ask wealthier households to pay more taxes.