Wednesday, April 13, 2011

Obama Unveils Plan To Reduce Deficit by $4T


Unveils plan to reduce deficit by $4T

President Obama took on the nation's debt crisis Wednesday with a major speech laying out

his plan to reduce the deficit by trillions of dollars.

April-13-2011--Mr. Obama set a goal to reduce the deficit by

$4 trillion over 12 years.

"Any serious plan to tackle our deficit will require us to put everything on the table," he said.

His plan is a four-pronged approach including:

- Saving $480 billion in Medicaid and Medicare by increasing efficiency and cutting spending on prescription drugs.

- At least $400 billion in savings in current and future defense spending.

- Another $360 billion from mandatory spending programs like agricultural subsidies and pension insurance.

- Eliminating tax cuts to the wealthiest Americans.

"We cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society, and I refuse to renew them again," he warned.

Republicans have called that a non-starter.

"If we're going to resolve our differences and do something meaningful, raising taxes will not be part of that," said House Speaker John Boehner.

Later this week the House will consider an alternative, Republican Congressman Paul Ryan's budget plan, embraced by fellow Republicans but criticized by the president.

"They want to give people like me a $200,000 tax cut that's paid for by asking 33 seniors to each pay $6,000 dollars more in health costs," the president said.



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GOP Meets With Obama, Decries Tax Proposal

Obama to lay out plan to cut $4 trillion

from deficit

April-13-2011---President Obama, in a speech today, will give his plan for trimming the federal deficit over the next decade. Meanwhile, the Republican-held House is set to vote on the last-minute 2011 budget deal and its own 2012 proposal, with its overhaul of Medicare and Medicaid.

“The president will make clear that while we all share the goal of reducing our deficit and putting our nation back on a fiscally responsible path, his vision is one where we can live within our means without putting burdens on the middle class and seniors or impeding our ability to invest in our future,”

Video: GOP Meets With Obama, Decries Tax Proposal

Obama unveils framework for cutting deficit




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