This morning, President Obama and Republicans are squaring off over how to reduce the national deficit after President Obama unveiled his plan in a speech at the Rose Garden yesterday.
At the heart of Obama's proposal is $1.5 trillion dollars in new revenue generated largely by higher taxes on the wealthiest Americans, a proposal strongly opposed by GOP leaders who insist that any tax increase will undermine an already shaky economy.
Representative Jeff Flake is one of the Republicans in the House that opposes Obama's plan. Flake speaks with Carol Costello on American Morning today to discuss reducing the national deficit and to weigh in on how to create jobs in America.
"We're not out of the woods yet and if we want the economy to grow, we have to have competitive tax rates plus some kind of moratorium on regulation," Flake says. "If we want to create jobs, the last thing you want to do is slap another tax or a higher tax on capital gains or dividends."