Obama's Deficit Cutting Plan Starts with Tax Increases

Ad Feedback

President Obama is going back to where he started from in the debate over cutting the deficit. He's going to start talking about raising taxes.

It will be part of the deficit reduction plan he will deliver in a speech to the nation Wednesday night.

The president is expected to talk about ending President Bush's tax cuts for households making over $250,000 a year. He wanted to do that this year, but agreed with Republicans to extend those tax cuts for two more years.

Most economists and budget analysts say a comprehensive mix of spending cuts and tax increases is essential to any viable deficit-reduction plan. Yet few players in the negotiations have gone there.

"There's no alternative, and I don't know of anybody who has seriously looked at this problem who thinks there is," said William A. Galston, a White House domestic policy adviser during the Clinton administration. "You're going to need to put together tough packages of programmatic cuts and revenue increases."

Obama also is expected to call for other changes in the tax code, which he contends benefits the rich.

"Every corner of the federal government has to be looked at here," senior White House adviser David Plouffe said. "Revenues are going to have to be part of this."

"Revenues" has always been Washington code for more taxes.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.