President Obama told a group of business executives last night that "revenue" -- generated by tax increases -- is essential if the U.S. is going to substantially reduce its $1 trillion-plus budget deficits and $15 trillion-plus federal debt.
While his administration is working to cut spending, Obama told members of the Business Roundtable that "we're also going to have to deal with revenue."
"And that's something that the American people instinctually understand," Obama said. "That if we do this in a balanced way, we can solve our problems."
Taxes are going to be a big issue this election year.
Obama's potential Republican opponents -- Mitt Romney, Rick Santorum, Newt Gingrich and Ron Paul -- oppose any tax hikes, saying increases will slow the economy and hurt job creation.
Congressional Republicans, particularly the GOP majority in the House, have opposed tax hikes, leading to a string of budget crises with the White House.
Whatever happens in the November election, the tax issue will come to a head in December.
Tax cuts signed by President George W. Bush expire at the end of the year; so does the payroll tax cut signed just last month by Obama.
Obama says he wants to eliminate the Bush tax cuts for individuals who make more than $200,000 a year and families who make more than $250,o00 annually. He is pushing a new "Buffett rule" that would require millionaires to pay at least 30% of their income in taxes.
Speaking to the Business Roundtable in Washington, Obama said he is not looking for massive tax hikes, only a balanced approach toward cutting the debt:
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