President Obama has unveiled a goal to cut the U.S. budget deficit by $4 trillion over the next 12 years. In a televised address, Obama countered Republican budget plans with what he said was a more balanced approach reliant in part on the rolling-back of Bush-era tax cuts for the wealthiest Americans.

President Obama: “In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can’t afford it. And I refuse to renew them again.”

Republicans quickly declared a tax increase for the rich as a nonstarter.

House Speaker John Boehner: “I think the President heard us loud and clear. If we’re going to resolve our differences and do something meaningful, raising taxes will not be part of that.”