Arab Today, arab today obama to offer entitlement cuts in budget
Last Updated : GMT 09:18:07
Arab Today, arab today
Arab Today, arab today

Obama to offer entitlement cuts in budget

Arab Today, arab today

Arab Today, arab today Obama to offer entitlement cuts in budget

Washington - AFP

President Barack Obama will make key concessions to Republican foes next week when he unveils his US budget that proposes cuts to cherished entitlement programs, the White House said Friday. Obama\'s fiscal blueprint slashes the deficit by $1.8 trillion over 10 years, in what a senior administration official described as a \"compromise offer\" that cuts federal spending, finds savings in Social Security and raises tax revenue from the wealthy. Republicans led by House Speaker John Boehner are opposed to new tax hikes, after the president secured $600 billion in increased tax revenue in a year-end deal. Boehner\'s party controls the House of Representatives, and passage of the president\'s budget is unlikely if it contains new tax revenue provisions. But Obama\'s concession to conservatives in the form of reduced cost-of-living payouts for Social Security benefits could revive consideration of a deficit-reducing \"grand bargain\" that has proved elusive in recent years. Such cuts to public pension programs and public health insurance for the elderly -- seen as sacred cows for Obama\'s Democrats -- have been longstanding demands of Republicans. \"While this is not the president\'s ideal deficit reduction plan, and there are particular proposals in this plan like the CPI (consumer price index) change that were key Republican requests and not the president\'s preferred approach, this is a compromise proposal built on common ground,\" the official said. Obama is willing to \"do tough things to reduce the deficit,\" but only in the context of a package that includes new revenues from the wealthy, the official added. Liberals immediately fumed that Obama appeared to be caving in to Republicans, with the group Democracy for America worried about the \"profoundly disturbing\" proposal for Social Security cuts. Independent Senator Bernie Sanders, who caucuses with Democrats, warned the move would slash $120 billion from Social Security benefits over 10 years, and pledged to \"do everything in my power to block\" Obama\'s so-called \"chained CPI\" proposal. Even moderate Congressman Chris Van Hollen, the top Democrat on the House Budget Committee, told MSNBC television that he has \"serious concerns\" about its impact on seniors. The White House insisted that the Social Security cut was part of a recognition of the need to make some painful changes in federal programs in order to reduce spending. \"This isn\'t about political horse trading; it\'s about reducing the deficit in a balanced way that economists say is best for the economy and job creation,\" the administration official said. Obama\'s new revenues will draw in part from capping retirement savings plans for millionaires, and closing some loopholes that benefit the rich. The annual budget deficit is projected at 5.5 percent of gross domestic product for the fiscal year ending in September. Under the Obama budget, that would decline to 1.7 percent of GDP by 2023. Combined with the $2.5 trillion in savings already achieved since negotiations in 2010, the Obama budget would bring total deficit reduction to $4.3 trillion over 10 years, slightly higher than the overall goal agreed to by both parties for stabilizing the national debt. But Boehner warned that Obama had \"moved in the wrong direction\" by making skimpier entitlement cuts than he had offered in negotiations with Republicans last year. And \"if the president believes these modest entitlement savings are needed to help shore up these programs, there\'s no reason they should be held hostage for more tax hikes. That\'s no way to lead and move the country forward,\" Boehner said.

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 to offer entitlement cuts in budget Arab Today, arab today obama to offer entitlement cuts in budget

 



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 to offer entitlement cuts in budget Arab Today, arab today obama to offer entitlement cuts in budget

 



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 Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
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 Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
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 Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

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 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

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