Vice President Joe Biden said Saturday the Obama administration wouldn't let middle class Americans "carry the whole burden" to break a deadlock over the national debt limit, warning that the Republican approach would only benefit the wealthy.
Addressing Ohio Democrats, Biden said there had been great progress in talks with Republican lawmakers on a deficit-reduction plan agreement. But he insisted that his party wouldn't agree to cuts that would undermine the elderly and middle-class workers.
"We're not going to let the middle class carry the whole burden. We will sacrifice. But they must be in on the deal," Biden said in a speech at the Ohio Democratic Party's annual dinner.
Biden led efforts on a deficit-reduction plan but Republicans pulled out of the discussions last week, prompting President Barack Obama to take control of the talks.
The sides disagree over taxes. Democrats say a deficit-reduction agreement must include tax increases or eliminate tax breaks for big companies and wealthy individuals. Republicans want huge cuts in government spending and insist on no tax increases.
On tax breaks for the wealthy, Biden used the example of hedge fund managers who "play with other people's money."
"And they get taxed," Biden said. "I'm not saying they don't do good things, they do some good things. But they get taxed at 15 percent because they call it capital gains. Because they're investing not their money, (but) other people's money."
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