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The president says would not raise enough cash. wendell is live with more on the white house. how much much revenue would the president's plan raise by raising the tax rates for high earners? >> about $1 trillion the next 10 years from the rate increase. that is just part of a package that also includes limits on deductions and tax credits and aims to pull in a total of $1.6 trillion. republicans want to keep tax rates the same b end deductions and loopholes but obama says that will not get the job done. >> it is not possible to raise the amount of revenue required for a balance the package if...

Cuts. we have embraced that. we've come to the table with a package that is balanced, that makes sense giving us enough deficit reduction to secure the middle class tax cuts, make sure they have certainty to provide significant spending cuts which we know they'll need to reduce the deficit, to address tax reform and to make sure that in the mix of this deal, you are going to have to have the tax rates go up on the wealthiest, most fortunate americans, the top 2% of americans who make more than $250,000 a year. keep in mind tax rates don't go up on the first $250,000 so we're only talking about...

Closing deductions or raisings rates they are a mistake. when we lower rates we have brought if more tax revenue. what we need is economic growth. you do not is to raise rates you have to grow the economy. we are growing it 1 percent. if we grew at 4 percent we would not have the so-called fiscal cliff. >>neil: what do you think of grover norquist and the easy fix? >>guest: i think he has done a great service to the country in getting so men people to take a pledge because this is some pressure on the people, now to go back on their word and there should be pressure because it is the wong thin...

House speaker john boehner offered a compromise in week in which he says i am willing to put more revenue on to the table but with through closing deductions end gd loopholes not through raising rates. can you accept a compromise as part of the whole deal that doesn't raise the push tax rate on the wealthy? >> how much revenue are we going to generate as part of a balanced package. in their framework they assume the amount of revenue as if we started tax reform from a 39 percent rate. that is part of their built in assumption. i am all for doing tax reform. the issue is from what starting poin...

Let's get to the military though. >> that's what i'm trying to get. >> he should have answered the first question. >> look, governor romney has called for $5 trillion of tax cuts that he says is he going to pay for by closing deductions. the math doesn't work he continues to claim that he is going to do it. he then wants to spend another $2 trillion on military spending that our military is not asking for. now, keep in mind that our military spending has gone up every single year that i have been in office. we spend more on our military than the next 10 countries combined, china, russia, franc...