Obama to lay out debt reduction plan
September 16th, 2011
09:16 AM ET
3 years ago

Obama to lay out debt reduction plan

NEW YORK (CNNMoney) - President Obama's debt reduction plan is set to land Monday in the laps of the 12 members of the Congress' bipartisan debt committee.

In recent weeks the president has said his plan would offer specific proposals that can achieve savings "more ambitious" than the committee's $1.5 trillion target. He said it would be "balanced," involving both spending cuts and tax increases. And he promised it would "stabilize debt in the long run."

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Filed under: Debt • Deficit • President Obama
soundoff (9 Responses)
  1. gt

    cluless .... all this guy has done for 3 yrs is run for another term.... americans are crying out for jobs ... its is time for a change we can not take another 4 more yrs of what we have had . ..

    September 16, 2011 09:45 am at 9:45 am |
  2. Rudy NYC

    Here's the plan, folks. If you wish: to see Washington "work", to see long term deficit reduction, to see the economy improve, to see a bright future, then you need to vote Republicans out of office.

    Can anyone name anything optimistic that a Republican has said in recent days, weeks, months, or even years? You can't. The only plan Republicans have is to stall the economy in the hopes of regaining power. They have successfully stalled the slow recovery; witness the downturn in the month to month jobs growth since the Tea Party took over the House and Republican governers began their war against public employees and unions.

    Witness what Spkr Boehner said just this morning while discussing ideological differences, "Republicans believe that government shouldn't control the economy. The economy should be controlled by the private sector." Conclusion, Republicans see the government's role as insuring that private businesses should be able to define how the economy operates. The people are not even in his equation.

    September 16, 2011 09:50 am at 9:50 am |
  3. Dominican mama 4 Obama

    Go ahead Mr. President, go 'head!!!!!
    Obama 2012

    September 16, 2011 09:56 am at 9:56 am |
  4. Dave

    Why should he bother? It will never get through Congress and the GOP will do nothing but obstruct it while offering no plan or solutions of their own. He's wasting his time trying to work with these GOP idiots who care nothing about this country and only want power.

    September 16, 2011 09:59 am at 9:59 am |
  5. A Kickin` Donkey

    My plan:

    1.) Return DOD spending to pre- 9/11; pre-Iraq/Afghan war levels: Savings = $300B PER YEAR!

    2.a) Taxes should be lowest on Wage Income and Highest on "sit-on-your-butt" [Investment] income : Raise LT CAPITAL GAINS taxest to 40%

    2b.) End Bush tax cuts. Top Marginal rate goes back to Clinton-era value: 39.6%. Use the revenue to redeem Social Security IOUs. Remove income caps on SS & Medicare taxes.

    3.) Repeal All loopholes and tax subsidies to Businesses. Isn`t this suppose to be a "FREE MARKET / CAPITALISTIC environment? Well, it`s NOT! : the Only tax credits/ subsidies should be for nascient industries that we want to get off the ground, like clean renewable energy! Certainly not 30 to 60 to 100 year old Oil& Gas giveaways.

    4.) Use the appeal of selling in the USA and REQUIRE production in the USA as long as unemployment is over 4%. We lose tax revenue because dollars from WAGES don`t circulate here; they circulate in CHINA. Yes, corporate profits will be constrained by this but if the choice is SOME sales vs NONE, greedy corps will go for it.

    5.) Impliment a PUBLIC OPTION to put pressure on healthcare prices. Less Medicare/Medicaid spending with tax money. Lower prices for private insurance.

    All of these will lower the deficit AND spur the economy.

    September 16, 2011 10:08 am at 10:08 am |
  6. Republican who supports this President

    Let's see how long before we hear 'NO' from the GOP.

    September 16, 2011 10:15 am at 10:15 am |
  7. ConservaFASCISTS/TEAliban/TEAhadists

    Did you say balanced Mr. President? That will involve raising taxes on billionaires and closing tax loopholes. You know the ConsevaFASCISTS will not stand for it. Either deregulate everything and make the Bush tax cuts permananent or no deal.

    September 16, 2011 10:18 am at 10:18 am |
  8. Sniffit

    "Then, reminding the crowd of Romney’s “four aces” remarks, the governor said: “There’s some folks back in Texas who were a little offended by that. We worked hard in Texas. We put good, hard, practical principles into play.”"

    He sure did. he employed Keynesian economic principles by taking the Stimulus money and using it to balance TX's budget and create 125,000 public sector jobs to offset the 178,000 private sector jobs TX lost between 2007-2010. THAT is where Parry's "jobs record" comes from: FROM OBAMA.

    September 16, 2011 10:45 am at 10:45 am |
  9. Chipster

    It doesn't matter what the President offers. Republicans said right from the beginning that their #1 goal is to defeat Obama in 2012. They will never agree to anything. He offered them many of the things they want and then informed them what he wanted in exchange. Now, they're saying they will kindly agree to accept the things THEY want and he must "compromise" by giving up all of the items he wants to pass. If he caves to these corporate lackeys again, put a fork in him – he's done.

    September 16, 2011 10:55 am at 10:55 am |