April 13th, 2011
09:20 AM ET
Obama to call for end of tax cuts for wealthy
WASHINGTON (CNN) -President Obama is setting a goal of reducing the deficit by $4 trillion in 12 years or less, according to a senior administration official.
A senior administration official also said President Obama’s speech on long term deficit reduction at George Washington University is expected to last 40-45 minutes.
The official also confirmed that the president will call for an end to the Bush era tax cuts for the wealthiest Americans, those making over 250-thousand dollars a year.
Good. It's about time, Mr President!
THE PRESIDENT FOR THE PEOPLE AND BY THE PEOPLE HOPE
SInce we are ionly paying intrest on the national debt .. there can be no true reduction on that debt. It does no good to cut spending alone.. the debt has to be reduced as well.... Cutting spending and applying some/all of the savings towards the debt would make more sense.
Isn't the interest all part of the total debt? We are too, paying down a significant amount on the debt! In most instances, when one is paying off a debt balance, of course the interest is what one is paying off first; i.e., homes, cars, etc. It is the interest that people pay off first; before cutting into the principle! So what's different about this situation? Why is it that every step FOWARD that this PRESIDENT and CONGRESS takes to get us out of this mess, theres always adversarial blogs about it?
No Liz it is not ... the main problem with the previous white house proposal was that we were only paying interest and not principal. AND we are barrowing more... so the intrest payment goes up... vicious circle. .....
How fast would you pay off your house or car if you only paid the intrest? bet the loan companies would love that!.. Oh wait ... that would mean that financial institutions would make more money .... OMG ... how horrible!
That's true I got myself in a car loan like that once before. I kept on paying my note until I finally paid it off! That's exactly what happens when one borrows money on anything; or for any reason whether the reasons were good ones or bad ones. Interest is what in essence becomes the financial institutions' profit for loaning the money! That's been procedurely and lawfully put in place; as well as practiced since forever, so what else is new? Are you saying the FED isn't subject to the same practices?!?