President Obama lays out his plan to cut $3 trillion from the national debt. Is it class warfare? Or is it math?
Stephen Dinan writes in today’s Washington Times:
President Obama on Monday proposed a deficit reduction plan that calls for about $3 in new tax increases for every dollar in additional spending cuts as he seeks to put his imprint on the ongoing talks with Congress over reducing the government’s staggering debt.
In a plan his advisers described as his ideological vision rather than a compromise offer to Hill Republicans, Mr. Obama also threatened to veto any plan Congress sends him that makes changes to Medicare benefits without also raising taxes on the wealthy, which he argues is central to a “balanced” approach.
“This is not class warfare, it’s math,” Mr. Obama said in the White House’s Rose Garden as he laid out the outlines. “The money’s got to come from some place.”
The White House argues his plan totals $4.4 trillion in deficit reduction over the next 10 years, though $1.1 trillion of that comes from savings on war-fighting expenses that all sides agree were going to happen anyway as the U.S. missions in Iraq and Afghanistan shrink. Another $1.2 trillion has already been signed into law in last month’s debt deal and another $430 billion comes from lower interest payments because of the potential lower debt. (more)