Washington (CNN) - Republican presidential candidates were quick to respond Monday to President Barack Obama's debt reduction speech. Here are some excerpts:
Gov. Rick Perry:
"President Obama's plan is a bait and switch that offers more than a trillion dollars in higher taxes for a promise of temporary tax relief. The president penalizes investment when it is needed most, discourages charitable giving and doubles down on a failed government stimulus strategy."
Rep. Michele Bachmann:
"If Warren Buffett believes he doesn't pay enough taxes, then he should write a check today to the Treasury, but he and the President shouldn't enact warfare on the millions of small businesses, on charities and on middle class America with increased tax burdens. The President is compromising the future of our children with his plan to continue spending and increase taxes, and he is ruining the American economy."
Former Ambassador Jon Huntsman:
"President Obama continues to demonstrate that he has no new ideas on how to create American jobs. For two and a half years he's been peddling a version of the Buffett Tax Hike as a key pillar of his failed attempt to tax and spend and regulate this country to prosperity."
Former Gov. Mitt Romney
"President Obama's plan to raise taxes will have a crushing impact on economic growth. Higher taxes mean fewer jobs – it's that simple. This is yet another indication that President Obama has no clue how to bring our economy back."
Rep. Ron Paul
"The President's class-baiting rhetoric categorizes Americans into opposing groups and pits them against one another, purely for his own political gain. This gets us nowhere as a nation, and nowhere closer to solving our economic problems."
Former House Speaker Newt Gingrich
"Once again, President Obama fails the test of leadership. In the midst of the worst economy since the Great Depression, job creation must be job one for our political leaders. Instead, the president has chosen the path of political gamesmanship and class warfare with a plan that would kill jobs with higher taxes on small businesses and private capital."