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Obama In 2011: We Can Get $1.2 Trillion In Revenue Without Raising Rates

On July 22, 2011 President Obama offered raising the debt ceiling last summer by closing loopholes and not raising taxes.

OBAMA: What we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates. It could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could lower rates generally while broadening the base.

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