In a major address on the budget, President Obama proposes lowering the deficit listen04/13/11 wire reports including AP
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President Barack Obama is setting a goal of lowering the deficit by $4 trillion dollars over the next 12 years as he wades into the politically volatile debate over the nation's crushing debt.
A week after formally announcing his re-election campaign, Obama is proposing a mix of tax increases already rejected by Republicans, and cuts to safety-net health programs likely to alienate many liberals.
In a speech today at George Washington University, the president proposed cutting defense spending and eliminating tax breaks and loopholes. He criticized the Republicanâ€™s vision for the budget.
â€œWorst of all, this is a vision that says even though America canâ€™t afford to invest in education or clean energy; even though we canâ€™t afford to care for seniors and poor children, we can somehow afford more than $1 trillion in new tax breaks for the wealthy. Think about it. In the last decade, the average income of the bottom 90% of all working Americans actually declined. The top 1% saw their income rise by an average of more than a quarter of a million dollars each. And thatâ€™s who needs to pay less taxes? They want to give people like me a two hundred thousand dollar tax cut thatâ€™s paid for by asking thirty three seniors to each pay six thousand dollars more in health costs? Thatâ€™s not right, and itâ€™s not going to happen as long as Iâ€™m President.â€
Obama's plan falls well short of the more than $5 trillion dollars in cuts over a decade proposed by House Republicans, and dismissed by Democrats as draconian.