Tax collectors gathered around Jesus to hear him speak, raising the ire of the Jewish religious elite, this Sunday’s gospel tells us. Risking the ire of the economically elite, President Barack Obama said Wednesday the nation can’t afford to extend tax cuts for the wealthy that are due to expire next year.

The president said letting the cuts expire shouldn't be seen as a form of punishment. "This isn't to punish folks who are better off, God bless 'em—it's because we can't afford the $700 billion price tag," Obama said. Republicans want all the tax cuts extended, while most Democrats want to extend the cuts only for Americans making less than $250,000 a year.

Obama also unveiled a series of aggressive, pro-business proposals to lift the economy that the GOP has previously supported. The policies, which include a mix of tax cuts and injections to rebuild outdated infrastructure across the U.S., are aimed at removing enough uncertainty to get banks to increase lending and businesses to increase spending.

Addressing those who advocate for steep cuts in domestic spending to close the deficit, Obama said, "I'll be honest—I refuse to cut back on those investments that will grow our economy in the future—investments in areas like education and clean energy and technology." He also pledged to not "pass on the debt we inherited to the next generation."

Source: An article by Jared A. Favole for the Wall Street Journal