Arab Today, arab today obama plan to slash 3 trillion in debt over a decade
Last Updated : GMT 14:41:13
Arab Today, arab today
Arab Today, arab today

Obama plan to slash $3 trillion in debt over a decade

Arab Today, arab today

Arab Today, arab today Obama plan to slash $3 trillion in debt over a decade

Washington - Reuters

US President Barack Obama announced a plan on Monday to cut the deficit by some $3 trillion over the next decade, with half that amount to derive from higher taxes. Republicans have rejected the tax hikes in favour of slashing spending.  President Barack Obama will lay out a plan on Monday to cut the U.S. deficit, striking a populist tone aimed at galvanizing his Democratic Party base ahead of the November 2012 election. Obama will vow to veto any cuts proposed for the government-run Medicare health program for the elderly unless Congress agrees to raise taxes on companies and the wealthy. The president\'s recommendations to a congressional \"super committee\" would deliver deficit savings of more than $3 trillion over the next decade, his aides said, with roughly half of those savings coming from higher tax revenues. Republicans, who control the U.S. House of Representatives, are firmly rejecting any tax hikes to raise revenues. Many Democrats see that as a sign for Obama to stop trying to compromise with Republicans over tackling the debt, and instead to fight for the voters who put him [in] office. \"These things are critical to the base,\" said Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities in Washington and a former economic adviser to Vice President Joe Biden. Obama, under fire from Democrats to defend Medicare and Medicaid healthcare programs as he seeks to boost flagging support ahead of next year\'s election, will demand that all Americans share the burden of controlling the budget. \"He will veto any bill that takes one dime from the Medicare benefits seniors rely on without asking the wealthiest Americans and biggest corporations to pay their fair share,\" a senior administration official told reporters on Sunday. Medicare, for elderly and disabled Americans, and Medicaid for the poor, are viewed by analysts as the biggest contributors to long-term U.S. deficits, which many voters see as a key issue in the election. The U.S. budget deficit in 2011 is expected to be about $1.3 trillion. The super committee of six Democratic and six Republican lawmakers is seeking at least $1.2 trillion in new budget savings over 10 years by Nov. 23. That is on top of $917 billion in 10-year savings agreed in an August deal to raise the U.S. debt limit. Obama will lay out his recommendations in remarks in the White House Rose Garden at 10:30 a.m. (1430 GMT) on Monday. He will also propose a \"Buffett Rule,\" named after billionaire investor Warren Buffett, setting a minimum tax rate for anyone making more than $1 million a year. The tax would only apply to a tiny minority of the millions of Americans who file tax returns, but White House aides said it would set a standard of fairness. The super committee can ignore Obama\'s recommendations, which are an opening bid in a three-month marathon to find deficit savings that Congress must approve by a Dec. 23 deadline to avoid automatic cuts in federal spending. Republican leaders are likely to reject them outright. Obama\'s proposals were being scrutinized by politicians and the business world. Investors want evidence that the political process in Washington is capable of tackling the towering U.S. deficit and the country\'s mounting debts, after ratings agency Standard & Poor\'s cut the U.S. AAA rating in August. A second White House official said the package of proposals would add up to over $4 trillion in 10-year deficit savings when the cuts from a debt deal struck in August were taken into account. Obama, whose approval numbers have slumped over his handling of the economy amid 9.1 percent unemployment and mounting fear of another U.S. recession, is fighting to regain his political footing as the election campaign heats up. Last week he proposed a $450 billion jobs plan to spur hiring, and promised that would be paid for from some of the savings in his recommendations to the super committee.These include $1.5 trillion in savings over 10 years from changes to the tax code, and over $1 trillion in savings from drawing down troops in Iraq and Afghanistan. Critics are likely to dispute this saving because the troops are coming home anyway and this is not a new policy proposal. The recommendations will include cuts of $580 billion in so-called mandatory spending, including $248 billion in Medicare savings. The bulk of those savings would come from \"reducing overpayments,\" officials said, which would hit payments to healthcare providers. Obama\'s proposals left out a number of cuts to Medicare, Medicaid and Social Security that he had put on the table during summer discussions on a so-called \"grand bargain\' with Republicans that ultimately went nowhere. Obama needs to steady core supporters. \"If you get into an election year and you are still trying to reassure your base, you\'re in a really tough spot,\" said William Galston, a senior fellow at The Brookings Institution in Washington. \"If the president starts a big controversy about Medicare benefits (now), then that could very well be the straw that breaks the base\'s back,\" said Galston.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama plan to slash 3 trillion in debt over a decade Arab Today, arab today obama plan to slash 3 trillion in debt over a decade

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today obama plan to slash 3 trillion in debt over a decade Arab Today, arab today obama plan to slash 3 trillion in debt over a decade

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday