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Monday, April 11, 2011

"Obama to Call for Broad Plan to Reduce Debt"

Long travel day today. Here's something you might want to talk about:

Obama to Call for Broad Plan to Reduce Debt, by Jackie Calmes, NY Times: President Obama will call this week for Republicans to join him in writing a broad plan to raise revenues and reduce the growth of popular entitlement programs...
After months of criticism that he has not led on budget talks, Mr. Obama will urge bipartisan negotiations toward a multiyear debt-reduction plan that administration officials said would depart sharply from the one proposed last week by House Republicans.
The Republican plan includes a shrinking of Medicare and Medicaid and trillions of dollars in tax cuts, while sparing defense spending. Mr. Obama, by contrast, envisions a more comprehensive plan that would include tax increases for the richest taxpayers, cuts to military spending, savings in Medicare and Medicaid, and unspecified changes to Social Security. ...
Several presidential advisers interviewed in recent weeks said Mr. Obama has been torn between wanting to propose major budget changes to entice Republicans to the bargaining table, including on Social Security, and believing they would never agree to raise revenues on upper-income Americans as part of a deal. ...
The risk to Mr. Obama includes further alienating liberals in his own party. Progressive groups have formed coalitions to oppose any changes to Social Security, for instance.

Millions of people still unemployed, and all we are worried about is the long-run budget and what might happen years from now.

    Posted by on Monday, April 11, 2011 at 09:36 AM in Budget Deficit, Economics, Politics | Permalink  Comments (73)


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