GOP Presidential Candidates React to White House Deficit Plan

Several candidates running for the GOP presidential nomination released statements reacting to the deficit reduction plan President Obama outlined in the White House Rose Garden Monday morning.

Rick Perry

"President Obama's plan is a bait and switch that offers more than a trillion dollars in higher taxes for a promise of temporary tax relief. The president penalizes investment when it is needed most, discourages charitable giving and doubles down on a failed government stimulus strategy."

"Worst of all, the Obama plan fails to provide the certainty employers need to create jobs and the spending and deficit reduction our economy needs."

Herman Cain

"Today, the Obama Administration's assault on the private sector continued. In yet another speech, he called for America's job creators to shoulder an even heavier burden than they must already. President Obama promised that his efforts were not "class warfare," but instead "math.""

"Perhaps he could learn a lesson or two on math from me. I have a degree in mathematics and spent the earlier days of my career as a supervisory mathematician for the Department of the Navy. Then, I worked for 40 years as an executive in the private sector where I balanced budgets, saved failing companies and created jobs. Both obviously demanded a command of advanced mathematics."

"Here's what I can tell him about math: raising taxes on anyone, no matter their income level, will do nothing to stimulate our economy, create jobs or balance our federal budget. Increasing taxes on the private sector will destroy jobs, further damaging our economy and sending even less revenue to the federal government."

"His eagerness to punish the private sector indicates he doesn't understand the most important truth of basic economics: the private sector creates jobs. These are the jobs that pay for the food for our families, the roofs over our heads, the heat for our homes, the clothes on our backs, the schools for our kids and the plans for our retirement."

"Perhaps his ignorance of basic economics is due to the fact that both he and more than 90 percent of his Administration have no private sector experience at all. Thus, they are all too willing to continually punish America's job creators, all in the name of "fairness.""

"President Obama's once said, "You can put lipstick on a pig, but it's still a pig." I agree. It doesn't matter that he calls it "paying your fair share." It's still class warfare."

Michele Bachmann

"Mr. President - you don't create jobs by increasing taxes on job creators. The President's plan to raise taxes on the American people is the wrong policy to create economic growth and jobs and shows doesn't understand how to turn our economy around. Two businesses I will visit in Iowa today are examples of why the President's policies continue to dig us deeper into the hole toward another recession. Both fear the coming regulations, taxes and costs of Obamacare. And both face uncertainty in the tax code. The President's gimmicks and tax increases on the backs of small business and the middle class won't grow our economy. Only permanent fixes will. The President should allow for repatriation of American money overseas, truly reform the entire tax code so it fairer and flatter on all Americans, and get rid of job killing regulations, including on the energy sector, which will create millions of jobs.

"If Warren Buffett believes he doesn't pay enough taxes, then he should write a check today to the treasury, but he and the President shouldn't exact warfare on the millions of small businesses, on charities and on middle class America with increased tax burdens. The President is compromising the future of our children with his plan to continue spending and increase taxes, and he is ruining the American economy. "

Mitt Romney

"President Obama's plan to raise taxes will have a crushing impact on economic growth. Higher taxes mean fewer jobs - it's that simple. This is yet another indication that President Obama has no clue how to bring our economy back. I encourage President Obama to look at my detailed economic plan to create long-term growth and prosperity for our nation. The only way to get our economy moving again is to elect a president who understands how to create jobs and rein in spending - that is why I am running."