Bloomberg: Hands off the rich

Billionaire New York Mayor Michael Bloomberg says it's not time to soak the rich - yet.

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. "This economy is at a point, nationwide, where it could go either way. I do think we should have taxes. I do think that people should pay their fair share. I do think that the majority of the money is going to come from the wealthy, that's where the money is. On the other hand, today is not the right ways to do it."

Glenn Thrush is senior staff writer at Politico Magazine.