Obama says nation needs changes in tax laws

Source: Google / AP

WASHINGTON (AP) — President Barack Obama told business leaders Tuesday that the nation needs to reform its tax system to help boost the economy, saying the American people "instinctually understand" that the U.S. needs a more balanced approach to solve its economic problems.

"The economy is getting stronger and the recovery is speeding up. The question now is how do we make sure it keeps going," Obama said to the Business Roundtable, an association of chief executive officers of top U.S. corporations.

The president told more than 90 executives that the nation would "have to deal with revenue and that's something that I think the American people instinctually understand, that if we do this in a balanced way, we can solve our problems." He said the nation was not in a similar situation as debt-laden Greece, saying "we don't have to cut by 25 percent and raise taxes by 25 percent."

"These are relatively modest adjustments that can stabilize our economy, give you the kind of business confidence that you need to invest and make sure America wins for the future," Obama said, adding the business community would be an "important voice" in the debate.

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