Obama told CNN's "Late Edition" he feels he is completely prepared to defend himself against likely Republican allegations he is a tax-and-spend Democrat.

"Absolutely. But because think about what I am going to be running against: the failed policies of the Bush administration, which (presumptive GOP nominee) John McCain wants to continue," Obama said. "I don't think there is anybody in this country who thinks that, right now, we have got a government that's managed our domestic policies well."

When asked if he intends to eliminate the tax cuts instituted under President George W. Bush, Obama said he does.

"I want to eliminate the Bush tax cuts," he said. "And what I have said is, I will institute a middle-class tax cut. So, if you're making $75,000, if you're making $50,000 a year, you will see an extra $1,000 a year offsetting on your payroll tax."