Obama outlines debt plan; GOP slams tax component
September 19th, 2011
11:40 AM ET
3 years ago

Obama outlines debt plan; GOP slams tax component

Washington (CNN) – President Barack Obama released his long-awaited debt reduction plan Monday, outlining a roughly $3 trillion savings blueprint that was immediately criticized by top congressional and other Republicans.

The president's plan includes $1.5 trillion in new revenue generated largely by higher taxes on the wealthiest Americans, a proposal vehemently opposed by GOP leaders, who insist that any tax increase will undermine an already shaky economy.

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Filed under: Debt • Deficit • President Obama • Republicans
soundoff (60 Responses)
  1. Rudy NYC

    Fair is Fair wrote:
    Your anger is better directed towards those like Sen. John Kerry, D-MA, whose source of the VAST majority of his income is in the form of TAX FREE muni bonds which make his EFFECTIVE tax rate in the single digits. Look that up too.
    -------------
    Duh, you have forgotten who you are speaking to. Sen. Kerry is trying to raise the rates. Why should I be upset with him? I am sure that he didn't vote to set the rates that way, although he may benefit from them. How many Republicans in Congress benefit from the rates?

    Sen. Kerry, you go out and fight the "right fight."

    September 19, 2011 12:28 pm at 12:28 pm |
  2. SuperD

    This whole arguement is backwards. Cut enough GOVERNMENT so that taxes can remain the same and not go up on anyone. You Democrats have got to put down the crack pipe, the GOVERNMENT is HUGE and OUT OF CONTROL. Obama refuses to recognize this, so any plan he has does not first tackle the Democrats crack, BIG GOVERNMENT.

    September 19, 2011 12:28 pm at 12:28 pm |
  3. As GM goes, so goes the country...Unions/Democrats killed GM, now they are killing the country

    Obama has nothing left in his bag of socialists tricks except to play the class warfare card yet again. All of this is nothing but a distraction and a non-solution to the economic problems facing the country, but it does make for a good re-election strategy. Blame all of the worlds ills on those greedy rich people and promise to go after them, and those big bad corporations. I guess Obama won 't be happy until he incites riots in the streets and people attacking those bad rich people and corporations. You already have his union thug friends going to peoples' residences to terrorize them.

    All I can say if if Obama stays in office for another 4 years, Mayor Bloomberg will be right. Obama and the Democrats will bring this country to its knees and there WILL be rioting in the streets. Obama is without a doubt the most divisive President this country has ever seen. He is the ultimate divider.

    September 19, 2011 12:28 pm at 12:28 pm |
  4. Marry

    As far as demand goes and improving the economy…Has anyone ever thought that if American products were more desirable in our (modern) world, EXPORT would be a real job creator? So get science going and develop MODERN products that can be sold on the world markets! To relay only on domestic consummation will not work! Check the internet!

    September 19, 2011 12:31 pm at 12:31 pm |
  5. Rudy NYC

    Mary wrote:
    Well, since you brought up the subject of "greedy-ology", how about that $10 MILLION that Michelle Obama spent just on her vacations in one year.
    -------------
    Great. She pumped $10M into the *American* economy. That's called stimulating the economy by building demand.

    Where did your rich Republican politicians spend their vacations? Or, did they skip a big vacation and invest in East Asia?

    September 19, 2011 12:32 pm at 12:32 pm |
  6. Sniffit

    @ Fair is Fair

    "History, time and time again, has PROVEN that whenever cap gains rate is increased, cap gains revenue to the feds decrerases. Just look it up Rudy – it's a fact."

    --

    That actually is not a "fact" and I debunked it in one of the other articles in which you copied & pasted that statement. The charts show that not only have there been instances in which the capital gains rate went up and revenues from the capital gains tax went up with it, but also instances in which the rate went down and revenues actually went down as well. What you called a "fact" was in fact a confirmation biased ideological daydream.

    September 19, 2011 12:43 pm at 12:43 pm |
  7. Sniffit

    "Obama and the Democrats will bring this country to its knees and there WILL be rioting in the streets."

    Name me an instance in history in which the tiny percentage of extremely wealthy people in a society that had just experienced several decades of shifting wealth to that tiny percentage of extremely wealthy people...name me the instance in which that tiny percentage of uber-wealthy rose up and rioted in the streets because the redistribution of the country's wealth to them was finally halted. Go ahead...get to googlin'...we'll wait right here.

    September 19, 2011 12:47 pm at 12:47 pm |
  8. Len

    Good plan on both the jobs bill and cutting spending. The GOP/Tea Party only considers tax cuts to help create jobs....we have had tax cuts for 10 years, trickle down economics only works for the rich and big business. We cut taxes and started two wars that were not paid for.....the Bush administration is the only president in history that started two wars and cut taxes......read your history folks......you want the wars to end, start the draft and let everyone take responsiblity for the wars. Only 1 percent of our population is fighting this war......

    September 19, 2011 12:48 pm at 12:48 pm |
  9. Mary

    michaelam

    @Mary:
    Care to provide a credible link or some corrabitive evidence supporting your ludicrous claim that Michelle Obama spent 10 million dollars on vacations this year? Hint: do not list the Drudge Report, Fox Noise, El Rushbo, or anyother Right Wing hate and lies source as credible and valid sites!
    ********************************************************************************
    Don't be so lazy and and do the research yourself. All the information is out there, just free your mind and look for it. Get off the 'Hope and Change' kool-aid and get with the program.

    September 19, 2011 12:52 pm at 12:52 pm |
  10. R

    While the president is at it, he should also make ALL members of congress take a pay cut. I doubt very seriously that would ever happen, but if we're looking at everyone to make a shared sacrifice, then they should be included as well.

    September 19, 2011 12:52 pm at 12:52 pm |
  11. As GM goes, so goes the country...Unions/Democrats killed GM, now they are killing the country

    Great. She pumped $10M into the *American* economy. That's called stimulating the economy by building demand.
    ===========================================================================================
    Peanuts compared to the $535 MILLION obama and his lackeys funneled to Solyndra, a failing green energy company. Of course, it was all well and good since one of their big investors was a large Obama fund raiser. They even violated the law by giving preference to private investors over the taxpayers in the bankruptcy.

    But it is funny to see Rudy poo-poo millions in government spending just because it was Obama and his family doing it. But maybe the Obama's like vacationing in Massachusetts so he can visit with all of his family that is in this country illegally and on the government dole?

    September 19, 2011 12:53 pm at 12:53 pm |
  12. Ed Texas

    The Tea Bagger GOP doesn't want to do anything to help the economy. They are only concerned about getting Obama out of office next year. The GOP trickle down economics policies produced only crumbs for many Americans and have created the "Me Generation" and culture of greed. Their answer for everything is tax cuts for the rich. They want to destroy government and programs like Medicare and Social Security. The GOP Tea Baggers have created an almost depression with unfunded tax cuts, unfunded wars, unfunded drug programs, unfunded bail outs.

    September 19, 2011 12:53 pm at 12:53 pm |
  13. Mary

    Rudy NYC

    Mary wrote:
    Well, since you brought up the subject of "greedy-ology", how about that $10 MILLION that Michelle Obama spent just on her vacations in one year.
    -----
    Great. She pumped $10M into the *American* economy. That's called stimulating the economy by building demand.
    *****************************************************************
    pssst, stimulate the economy with her own money, not mine!

    September 19, 2011 12:54 pm at 12:54 pm |
  14. Jordan Cunningham

    Ok.. Bush drove us into the ground with those loopholes and they want to say its wrong that it be revised the way it is supposed to be.??!! It makes no sence that we disregard this plan so quickly when nothing else is being done. Guess what people its America we have EQUAL rights what make taxe rates any different? Why should I have to pay more then someone making millions more then myself? Guess what everyone needs to EQUALLY work to revise our country. Ten years isn't that long. Our children and elders, that have already played there part and continue to do what needs to be done, shouldn't have to suffer. My mother is on Medicare and disabled, if anything happens with ssi or medicare, because rich people don't like to pay taxes, that's not what America is about we must stand together to reach a common goal. That goal should be to revise our economy. Every plan will have flaws because that's just life. Nothing can be perfect. All we can do is hope and pray that we as a country make the right choice and take care of one another. My family is middle class and we do everything possible to help out our country and neighbors. So consider. helping we can't.handle this burden on our own own

    September 19, 2011 12:55 pm at 12:55 pm |
  15. Republican who supports President Obama

    The GOP response is dead wrong. Time to stop the – save the rich people stance. It has not created any massive increase in hiring. All they do is spend the money on themselves or funnel it into special interests geared to benefit themselves.

    If they want a tax break they should sign an agreement to hire X number of people. If they outsource jobs then they should pay more in taxes on both sides.

    September 19, 2011 12:55 pm at 12:55 pm |
  16. SOUTHERN HOTTIE

    Why does the GOP hate the American middle class?

    September 19, 2011 01:01 pm at 1:01 pm |
  17. Jordan Cunningham

    Thats the plan. Something has to be done this we all know. I've thought about this plan and in the long run it could bring great things. I've wanted this to happen when I was 16 and saw to many Americans get screwed. While the wealthy get a tax cut. Its unfair by far and its about time something be done about that.

    September 19, 2011 01:05 pm at 1:05 pm |
  18. As GM goes, so goes the country...Unions/Democrats killed GM, now they are killing the country

    Leave it to an inexperienced community organizer to think you can tax, spend and borrow your way to prosperity. Unless of course the "prosperity" we are talking about is government prosperity. It is most definitely NOT the prosperity of the country or its people.

    I guess Obama and the Democrats think we should have 100% tax rates for the ultimate "prosperity"? I mean if 50% tax rates will get us out of the woods, won't 70, 80, 90, 100% rates get us to the Democrat Promised Land?

    September 19, 2011 01:12 pm at 1:12 pm |
  19. Woman In California

    Seriously, the people who voted the republicans back in office to FULLY destroy this country should be ashamed of themselves. Sadly, and as usual, nothing will be accomplished. Personally, I can't understand how these thugs sleep at night. They would rather have this country destroyed than to bend a little and compromise with our president and I blame it all on those who took their feet off the necks of the republicans and let them come back to destroy us. I hope you are satisfied with your votes.

    September 19, 2011 01:12 pm at 1:12 pm |
  20. Lynda/Minnesota

    "All I can say if if Obama stays in office for another 4 years, Mayor Bloomberg will be right. Obama and the Democrats will bring this country to its knees and there WILL be rioting in the streets."

    Ah, yes. The NEW plan to bring Obama down. Blame him for the hatred coming from the right. Problem is, Bloomberg showed his cards way too soon. Once folks get the message BEHIND the message, the train loses it's steam. Similar to Cheney trying to distract Democrats into thinking Hillary might ... just might ... primary Obama. THAT train left the station months ago - empty. Doubt many will be jumping on this new Bloomberg train anytime soon. Been there, done that. In the 60s. Wasn't pretty then, wouldn't be again.

    September 19, 2011 01:22 pm at 1:22 pm |
  21. gt

    risk takers should not have to pay extra when they put there money on the line..but those who just live off great grandpa wealth ... they can pay a little more , heck they didnt earn it any way..

    September 19, 2011 01:23 pm at 1:23 pm |
  22. Padraig

    The only thing that I would agree to Len is, have a war. Kill off our young men. The war will create jobs for the others who do not fight it. History has taught us that.

    1.5 trillion savings over 10 years or 150 million a year savings. Our nation goes farther into debt at 1.2 to 1.5 trillion a year. So under his plan we have a net loss of 970 million dollars or there abouts. So how does that really help us?

    We need to start creating jobs – open up well drilling, assist in building new refineries, provide the support to large corporations by giving them breaks for keeping jobs in this countriy. Penalize them severly for going overseas. Just a few thoughts in a second on what could be done.

    The next thought is stop our part of the wars in Iraq, Aftghanistan, LIbya, and Yemen. We would save hundred of billions a year on this and bring our soldiers home safe and sound.

    September 19, 2011 01:25 pm at 1:25 pm |
  23. Indy

    Rick McDaniel said :The war savings are NOT real. That is political BS, and untrue.

    Is this a fact before it even happens ? Or are you just going from past experiences of Republicans that lie about weapons of mass destruction and cuts in defence spending ? Have you got proof that President Obama has previously made this statement and with 100% proof you can share with us that it was all political bs. If you are using past Republican administrations then I believe you but if you are saying you have proof on Obama I would like to hear your facts.

    September 19, 2011 01:27 pm at 1:27 pm |
  24. California Conservative

    Let the class warfare begin. Bloomberg was right.

    September 19, 2011 01:28 pm at 1:28 pm |
  25. Rick McDaniel

    Anyone ever notice........Obama's "plans" always mortgage our future for at least 10 yrs., yet all of his spending occurs so fast, he can't even keep any clearance in the debt ceiling?

    September 19, 2011 01:28 pm at 1:28 pm |
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