Obama Sees Improved Prospects for Passage of Tax, Entitlement Reforms

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President Obama says the prospects for passage of old proposals to eliminate tax breaks for multinational corporations, oil, and gas companies—reintroduced into the administration's fiscal year 2012 budget—are much improved this year. If lawmakers are serious about the deficit, not just spending, then part of what they will have to look at is unjustifiable spending through the tax code, the president says. “I think what's different is everybody says now that they're really serious about the deficit,” Obama tells reporters. Obama says he has had and will continue to have conversations with Republicans. “I expect that, you know, all sides will have to do a little bit of posturing on television and speak to their constituencies,” he adds.