The Wall Street Journal is reporting (behind a firewall) that the President's new deficit reduction plan that he'll be offering tomorrow will call for around $3 in savings, with half coming from tax increases and half coming from budget cuts. And reportedly, the President won't be talking about any changes to Social Security, and on Medicare will only focus on lowering payments to providers of medical services.
Interesting, but why "start" with a 50-50 offer on tax increases and spending cuts? That means the final deal will be worse, unless the President doesn't plan on caving, and rather, plans on letting the GOP hang itself by saying no, then he'll go the American people and show them how even with a 50-50 deal the GOP just had to say no.
Also, the White House had better make sure that this deal doesn't kick in until the economy is back on its feet. And no one thinks that's going to happen for a good many years (like 4 or more, from what I've heard). Starting these cuts, and even possibly the tax increases, too early will suck money from the economy and hurt GDP and employment. It's time for the President to start leveling with the American people about the basics of Economics 101.
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Obama to ask for 50-50 tax increases, budget cuts totaling $3 trillion
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