sept 19, 2011
WASHINGTON — President Obama called on Monday for Congress to adopt his “balanced” plan combining entitlement cuts, tax increases and war savings to reduce the federal deficit by more than $3 trillion over the next 10 years, and said he would veto any approach that relied solely on spending reductions to address the fiscal shortfall.
“I will not support any plan that puts all the burden for closing our deficit on ordinary Americans,” he said. “And I will veto any bill that changes benefits for those who rely onMedicare but does not raise serious revenues by asking the wealthiest Americans and biggest corporations to pay their fair share.
“We are not going to have a one-sided deal that hurts the folks who are most vulnerable,” he continued.
His plan, presented in a speech in the Rose Garden of the White House, is the administration’s latest move in the long-running power struggle over deficit reduction. It comes as a joint House-Senate committee begins work in earnest to spell out, at the least, a more modest savings plan that Congress could approve by the end of the year in keeping with the debt deal reached this summer. If a deal is not enacted by Dec. 23, draconian automatic cuts could take effect a year later across government agencies.
This article was posted: Monday, September 19, 2011 at 8:50 am