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Martin Feldstein, an economics professor from Harvard and president emeritus of the National Bureau of Economic Research, opposes Obama's plan to limit the tax deductibility of charitable contributions.

Obama's defense of the proposal?

"I'll tell you what has a significant impact on charitable giving, is a financial crisis and an economy that's contracting. And so the most important thing that I can do for charitable giving is to fix the economy, to get banks lending again, to get businesses opening their doors again, to get people back to work again. Then I think charities will do just fine."