Obama says he and Romney don't need tax cuts

President Obama touted his tax cut plan today by citing some people who would benefit from an extension of all the George W. Bush tax cuts -- including himself and opponent Mitt Romney.

"To give me another tax break, or to give Warren Buffett another tax break, or to give Mitt Romney another tax break -- that would cost about a trillion dollars" in the federal budget, Obama told people in Cedar Rapids, Iowa.

"We can't afford it," he said. "Not at a time when we're trying to bring down our deficit."

The president cited his and his opponent's wealth in again calling on Congress to extend the Bush tax rates for middle-class Americans but end them for Americans making more than $250,000 annually.

The Bush tax cuts are set to end at the end of the year.

Romney and other Republicans say ending the high-level tax cuts would hurt job creators, further slowing down the economy.

"At the very time the American people are seeing fewer jobs created than we need, the president announces he's going to make it harder for jobs to be created," Romney said in Colorado. "I just don't think this president understands how our economy works."

In Iowa, Obama said Republican support of tax cuts for the wealthy reflects a "top-down" approach to the economy that led to the financial meltdown of 2008.

"This election will determine our economic future for the next generation," Obama said.

Before his speech, Obama met with a Cedar Rapids family that would benefit from an extension of the middle-class tax cut.