Julianna Goldman and Roger Runningen
April 13, 2011
President Barack Obama today will outline a path to cutting the nation’s long-term debt through reductions in entitlement spending and increased taxes on the wealthy while seeking to draw a sharp contrast with Republican proposals, according to a person familiar with the plan.
Obama’s approach will draw on the findings of the Simpson- Bowles debt commission chairmen, including overhauling the tax code to bring in more revenue, and proposals he has already set out in his 2012 budget. The president also will try to align his approach with the so-called Gang of Six, a group of three Republican and three Democratic senators working on their own fiscal recommendations, the person said.
The approach Obama is taking has four components, according to a White House statement: holding down domestic spending, trimming the defense budget, curbing health-care costs and closing tax loopholes.
“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,” the statement said.
This article was posted: Wednesday, April 13, 2011 at 7:59 am