Bloomberg: Don't Soak the Rich Yet

Politico reports:

Appearing on "Fox News Sunday," Bloomberg praised Rep. Paul Ryan's moxie for proposing a comprehensive budget plan but wouldn't say which plan -- Ryan's or Obama's -- he backed.

"I don't know that we are in big trouble, but we certainly could be very easily - this is a warning," he said when host host Chris Wallace asked him about S&P's outlook on downgrading on U.S. treasury bonds.

A Democrat turned Republican turned independent, Bloomberg said he favors an all-of-the-above approach to deficit reduction but thinks hiking taxes on the rich at the moment would kick the U.S. economy into a tailspin.

"Today, no," Bloomberg said when asked if he backed White House plans to raise $1 trillion from tax hikes on families earning more than $250,000.