President Obama announced his detailed proposal for deficit reduction in a spirited speech this morning.
The President ignored warning from Republicans against proposing tax increases Monday and rolled out a plan to reduce the deficit consisting of a mix of spending cuts and revenue raisers in a combative speech designed to persuade the public to embrace a balanced approach to reigning in the deficit and bringing down the nation’s debt.
In remarks in the White House Rose Garden, the President offered up the “Buffet Rule,” a revenue gathering measure which would prohibit millionaires from paying a lower tax rate than middle-class Americans. “This plan eliminates tax loopholes that primarily go to the largest business and corporations—tax breaks that small businesses and middle class Americans don’t have to pay,” Obama said. “We can’t afford these special lower rates for the wealthy, which by the way, were initially talked about as temporary measures.”
The President has made it clear that he would not call for new taxes to begin until January of 2013, at the earliest, in order to give the economy more time to recover. Obama’s plan also leaves Medicare and Social Security off the table.
Over the weekend, TNR’s Jonathan Cohn wrote that with this plan, the White House is drawing a pretty clear line in the sand: the spending cuts are not acceptable, the administration says, unless they are part of a package deal that includes the new revenue. As one senior administration official put it on Sunday evening, “We’re trying to make it clear that this isn’t a menu you can pick from – you have to do the revenue with the spending.”
“This is not class warfare. It’s math,” Obama said in his press conference this morning. Hoping to breathe new life into his re-election campaign and restore confidence among his supporters, the President’s new deficit reduction plan may be Obama’s best challenge to the GOP yet.
Courtesy of the Washington Post.
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