Obama outlines debt plan; GOP slams tax component
September 19th, 2011
11:40 AM ET
10 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.


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

    Someone needs to tell the conservatives that the "trickle down" is evaporating before it ever hits the ground. Incredible as it may semm, the wealth in this country defies gravity. Republicans throw it up in the air, and it stays there.

    September 19, 2011 01:31 pm at 1:31 pm |
  2. Ross DiRienzo

    I would say that the GOP and the TP are there just to protect the interest of the top earners and the companies they own. On one thing Romney is right: companies are people, the rich use them to deduct their properties and earnings so they can avoid to pay taxes.

    September 19, 2011 01:35 pm at 1:35 pm |
  3. Rudy NYC

    SuperD wrote:
    This whole arguement is backwards. Cut enough GOVERNMENT so that taxes can remain the same and not go up on anyone.
    That's been tried already. The result was The Great Depression. You need to study history.

    Every economist knows that the only way out of an economic slump, recession, or depression is to spend your way out of it. Decreased spending, decreases demand for goods. Increased spending, increases demands for goods. Pres. Hoover enacted draconian cuts and everything came to a stop. President Roosevelt began spending to create economic activity and the country slowly pulled out of it. It kept industries alive so that when World War II came along we had the economic infrastructure still intact to survive and thrive.

    September 19, 2011 01:39 pm at 1:39 pm |
  4. SecedingfromTexas

    @Rick McDaniel:
    Why don't you rant and rave and Gov Perry. Your own State of Texas is hurting due to his financial manipulations,
    deferrring payments due in 2012 to 2013-14 which creates a faux balanced budget. The so-called Rainy Day Fund
    will be eaten up by these deferments. Didn't you read the article on Ticker reagarding the facts, and why
    Texas' poor are becoming poorer? Don't you know our standing (or lack of ) in uninsured children, lowest paying
    jobs with no benefits, etc, etc, etc, or don't you care? Stand up for Texas or drown in your tea.

    September 19, 2011 01:39 pm at 1:39 pm |
  5. SecedingfromTexas

    Tone down the hate a little, it is blinding your sense of reality. The Obama's have a personal income which they use
    on their vacations, clothes, children, like everybody else. As for using Air Force One, ALL immeditate members
    of the President's family do this. It is a security situation. Mrs. Bush (both) used it, Mrs. Clinton, Mrs. Reagan, etc.
    All children have secret service assigned to them, again, safety. So either get the big picture or move on to something
    relevant. Like, "would you like lemon with your tea?"

    September 19, 2011 01:47 pm at 1:47 pm |
  6. Hammerer

    I hear a lot about everyone paying their fair share.
    What is a fair share for the 40% that pay no taxes? They only stand with their hand out expecting the Americans that work to GIVE them more. Where is the fairness in that?

    September 19, 2011 02:11 pm at 2:11 pm |
  7. The Greedy Old Pigs have declared class war on US!

    Here's what's lost in the GOBP and phony-liberal media propaganda: The ultrarich own 60% to 80% of this nation's wealth and should, therefore, pay for that percentage of the government's budget. However, they do not. Instead, we have a huge cult, masquerading as a political party, dedicated to helping the greedy and not the needy.

    September 19, 2011 02:11 pm at 2:11 pm |
  8. walter

    The Repugs are not going to fix the economy ever. This will be like in Demolition Man. We the little people will be eating rats. And shunned by the elite upper class!

    September 19, 2011 02:13 pm at 2:13 pm |
  9. a6102658

    How is Tax Cut for the rich a solution to unemployment?...totally unhinged Tea Party reality!!

    September 19, 2011 02:18 pm at 2:18 pm |
  10. John K.

    The level of financial ignorance among Liberals is amazing.

    September 19, 2011 02:21 pm at 2:21 pm |
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