The Associated Press "fact-checked" President Obama’s combative proclamation that "middle-class families shouldn’t pay higher taxes than millionaires and billionaires." In broadcasting his new "Buffett Rule" for millionaires — his so-called "revenue" vehicle for the American Jobs Act — Obama tossed a class-warfare grenade, claiming that the wealthy are not covering enough of the tax burden. The President demanded in a bellicose speech Monday that individuals earning over $1 million a year must "pay their fair share" to help slash the soaring federal deficit.

Obama also vowed to veto any Republican bill that does not adopt a "balanced" approach to reducing the deficit, meaning if the bill does not include tax increases on high-earners he will axe the proposal. "I will not support any plan that puts all the burden for closing our deficit on ordinary Americans," he pledged. "And I will veto any bill that changes benefits for those who rely on Medicare but does not raise serious revenues by asking the wealthiest Americans and biggest corporations to pay their fair share."

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