He cited a Republican presidential debate late last year when the entire field rejected the prospect of $10 in spending cuts for every $1 in tax increases as a means to lower the debt.
“Think about that. Ronald Reagan, who as I recall was not accused of being a tax-and-spend socialist, understood repeatedly that when the deficit started to get out of control that for him to make a deal he would have to propose both spending cuts and tax increases,” Obama said. “He did it multiple times. He could not get through a Republican primary today.”