President Obama has said that the rich should pay higher taxes in order to cut the deficit and fund his spending priorities.

The President said yesterday it was “time to let the tax cuts for the wealthiest Americans…expire”, stating that anybody making over $250,000 a year should go back to the income tax rates they were paying under Bill Clinton.

“We’ve got this huge deficit, and everybody agrees that we need to do something about these deficits and these debts. So the money we’re spending on these tax cuts for the wealthy is a major driver of our deficit, a major contributor to our def...