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Deficit Reduction Plan

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Why Should We Worry About Deficits Anyway?

Thursday, November 10, 2011

We are not going to be able to get our fiscal house in order until we deal with our unemployment problem... The real issue is getting our economy back on track.

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The Takeaway

Obama Adopts Sterner Stance on Deficit Reduction Plan

Tuesday, September 20, 2011

Faced with an uphill reelection battle and a disenfranchised base, President Obama indicated on Monday that he plans on taking a harder line against an anti-tax GOP. In a speech introducing his debt reduction plan yesterday, Obama vowed to veto any plan Congress sends him that does not raise taxes on the wealthy and corporations while cutting Medicare benefits. "I will not support any plan that puts all the burden for closing our deficit on ordinary Americans," Obama said. Obama's plan, which will reduce annual deficits up to $4 trillion over 10 years, has been assailed as "class warfare" by Republicans.

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The Takeaway

The History of Class Warfare

Tuesday, September 20, 2011

Before President Obama had even made his deficit speech, Congressman Paul Ryan spelled out his concerns over its impact. On Sunday, he accused Obama on Fox News of launching "class warfare" by introducing the so-called Buffett Rule. The president rebuffed the remarks saying "This is not class warfare. It's math." 

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The Takeaway

Grover Norquist Reacts to Obama's Proposed 'Buffett Rule'

Monday, September 19, 2011

President Obama will announce a deficit reduction plan today that will reduce government spending by $3 trillion through cutting entitlements, tax increases, and war savings. The plan is the White House's opening offer to the Congressional "super committee," which has until Dec. 23 to reach a deal on deficit reduction. GOP lawmakers have already labeled the proposed tax hikes "class warfare," particularly the so-called "Buffet Rule." Named for billionaire Warren Buffett, who has repeatedly called for higher taxes on the rich, the rule imposes a minimum tax rate on those earning more than $1 million per year. Many Republicans contend that taxing the wealthy will only worsen the economy.

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The Takeaway

Obama to Unveil Deficit Reduction Plan

Monday, September 19, 2011

President Obama will announce a deficit reduction plan that will reduce government spending by $3 trillion through cutting entitlements, tax increases, and war savings. The plan is the White House's opening offer to the Congressional "super committee," which has until Dec. 23 to reach a deal on deficit reduction. GOP lawmakers have already labeled the proposed tax hikes "class warfare," particularly the so-called "Buffet Rule" — a minimum tax rate on those earning more than $1 million per year named for billionaire Warren Buffett.

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