Fri Feb 22, 2013, 06:51 PM
applegrove (61,520 posts)
"White House pushing tax hikes, spending cuts to avoid sequester"
White House pushing tax hikes, spending cuts to avoid sequester
By Zachary A. Goldfarb at the Washington Post
The White House is promoting a $1.8 trillion package of spending cuts and tax hikes as the best approach to replace deep reductions in domestic and defense spending set to begin next week — even as Republicans dismiss the proposal as not serious.
With barely more than a week until the deep cuts, known as the sequester, take effect, President Obama and his advisers this week maintained that a deficit reduction plan he put on the table in December amid negotiations over the “fiscal cliff” should still be considered by Congress as a way to avoid another fiscal crisis. Obama spoke with House Speaker John A. Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) on Thursday, but no progress was reported.
Obama originally made the offer to Boehner in December negotiations, which ultimately fell apart. The president’s plan — the details of which were known in December but were reiterated on the White House Web site on Thursday — would consist of $200 billion in cuts to domestic and defense programs; $400 billion in reductions in health spending, including Medicare; $200 billion in cuts to other mandatory spending, such as farm subsidies; and $130 billion in savings achieved through a new cost-of-living formula that would slow spending on federal programs, including Social Security. The president’s plan would also raise $680 billion in fresh tax revenue, by limiting tax breaks for the wealthy, closing corporate loopholes and changing the cost-of-living formula that also determines tax brackets.
Combined with lower interest costs as a result of the reduced federal borrowing, the White House said this week that Obama’s proposal would achieve $1.8 trillion in deficit reduction over 10 years. That would come on top of $2.5 trillion in deficit reduction already achieved in deals between Congress and the president.
There are only two types of people in the world: those who think there are only two types of people, and those who don't.
4 replies, 403 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
"White House pushing tax hikes, spending cuts to avoid sequester" (Original post)
Response to applegrove (Original post)
Fri Feb 22, 2013, 07:35 PM
djean111 (2,073 posts)
4. Oh look!
A line in my sand.
So, do we stop hearing how Obama would never actually do that, and start hearing how the chained CPI is a GOOD thing?
My hair is not on fire, I am too cynical for that.
Anyway, not like Obama needs any votes or base or anything, now.
Austerity will be inflicted on the 99% by the 1% until it has sufficiently trickled UPWARDS......