FLASHBACK 2011: Obama: We can Get $1.2T in Revenue without Rate Increases

'What we said was give us $1.2 trillion in additional revenues which could be accomplished without hiking tax rates...'

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The White House insists Republicans must cave on raising tax rates for high earners–but President Barack Obama argued $1.2 trillion in tax revenue could be achieved without raising rates last summer.

“What we said was give us $1.2 trillion in additional revenues which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating some deductions, and engaging in a tax reform process that could have lowered rates generally while broadening the base,” Obama said in a July 2011 press briefing.

Video via the Washington Examiner.