President Obama urged lawmakers Wednesday to reduce borrowing by $4 trillion over the next 12 years by cutting spending and raising taxes on the wealthy. But he steered clear of fundamental changes to Medicare, Medicaid and Social Security — the primary drivers of future spending.Read the rest here.
The proposal, announced at an afternoon speech at George Washington University, falls short of targets set by Obama’s deficit commission and House Republicans. But it builds on the budget blueprint he sent to Congress in February and revises that plan to include many recommendations from the bipartisan fiscal commission he appointed last year.
The plan is the president’s most ambitious effort yet to claim the mantle of deficit cutter, and he is seeking deep new cuts to domestic and military spending.
Obama also called on congressional leaders to appoint a panel of 16 lawmakers who would develop a concrete spending plan under the leadership of Vice President Biden. The group would report back with an agreement by the end of June, just before a crucial deadline on extending a limit on how much the country can borrow.
So far I have seen nothing serious from either party. It's politics as usual. Fasten your seat-belts folks, we are going over the cliff.
3 comments:
I would have liked to hear something about raising the taxes on dividends and on all wall street earnings. Seeing as rich people don't pay a lot of income tax, the Tax Code needs to be changed so those who've made all the money kick in.
Whatever became of "Change We Can Believe in"? Or, for that matter, of change, period?
Insofar as there has been any change at all, it's been the type I do NOT believe in.
A republic gives the constituents a representative who will make key decisions. If he can't deliver, he's outta there. But if he wins, he will be regarded as a hero.
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