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Obama: Deficit plan must include higher taxes for wealthy

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. 

Read more on The Hill's On the Money blog

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