Michele Bachmann says Obama deficit plan would ‘ruin’ U.S. economy

Republican presidential candidate Michele Bachmann said Monday that President Obama’s deficit reduction plan would “ruin the United States economy.”

At a campaign stop in rural northern Iowa, the Minnesota congresswoman also ridiculed Warren Buffett’s call for higher taxes on the wealthy.

“If Warren Buffett believes that he is not paying enough taxes, then he should write a check today to the United States Treasury,” Bachmann told reporters after touring a Sukup Manufacturing Co. plant that produces grain processing equipment.

“But he and the president shouldn’t exact warfare on the millions of small businesses, like the Sukup Co. that I’m in today, on charities and on middle-class Americans with increased tax burdens. The president is compromising the future of our children with his plan to continue spending and increase taxes, and unfortunately the president’s plan will ruin the United States economy.”

Bachmann offered her reaction to Obama’s fiscal plan after touring Sukup’s vast manufacturing plant here amid the cornfields outside Mason City.

Obama, Bachmann said, “should allow for repatriation of American money from overseas, earned by American companies overseas.”

She also renewed her call for scaling back federal regulations.