President Obama claimed the new Alternative Minimum Tax he calls the “Buffett Rule” would eliminate the deficit.  He is off by a factor of 289, or $1.4 Trillion per year.
The Obama AMT (“Buffett Rule”) would raise about $4.7 billion per year .
The Obama deficit in the past 365 days was $1,359.1 billion .
Just yesterday, White House officials conceded the Buffett Rule would only produce $47 billion over ten years in additional tax revenue for the government. That amounts to just 0.6 percent of the $7 trillion in spending projected for that period. 
Whatever the merits of demerits of the proposal, the claim was wildly false. Personally, I’d recommend cutting spending. Eliminating Obama Administration give-aways to for-profit businesses under the guise of ‘green’ initiatives would reduce more than the Obama AMT would.
 Using search range of April 11, 2011 ($14,267,760,539,191.80) to April 10, 2012 ($15,626,832,596,694.90) at http://www.treasurydirect.gov/NP/NPGateway
Pictures from Wikipedia Commons.