Obama Campaign Admits that Its $5 Trillion Tax Cut Attack is Bogus

During the debate and on the campaign trail afterward, President Obama has accused Mitt Romney of plotting to enact a $5 trillion tax cut.

CNN’s Erin Burnett fact-checked the claim Thursday. Under withering fire from the CNN anchor, Obama campaign spokeswoman Stephanie Cutter admitted that the  attack is false.

CNN’s Erin Burnett: “Stephanie, let me ask you about that. Because here at CNN, we fact checked that, that $5 trillion in tax cuts and we’ve come and said that’s not true. Mitt Romney has not promised that. Because he’s also going to be closing loopholes and deductions, so his tax cut wouldn’t be anywhere near that size.”

Cutter: “So you’re disputing the size of the tax cut? Or are you disputing also how he’s going to pay for it?

Burnett: “We’re disputing the size.”

Cutter: “Erin, he has campaigned on lowering tax rates by 20% for everybody, including those in the top 1%. That was one of the main selling points in the Republican primary.”

Burnett: “Right. So you’re saying if you lower them by 20% you get a $5 trillion tab, right?”

Cutter: “It’s a $5 trillion tab.”

Burnett: “But then when you close deductions it’s not going to be anywhere near $5 trillion. That’s our analysis.”

Cutter: “Well, okay, stipulated, it won’t be near $5 trillion, but it’s also not going to be the sum of $5 trillion in the loopholes that he’s going to close.”