"I am in favor of reducing all budget items. But the item I don't want to reduce is the pension expenditure because it affects the weakest part of society."

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Increased revenues, meaning higher taxes, will be a central element of any successful long-term budget plan, and President Obama is right to insist that the wealthy - the slice of America that has come through the recession in by far the best financial health - should provide those funds.

— Steven Rattner