Previewing Obama's debt reduction plan
September 16th, 2011
10:54 AM ET

Previewing Obama's debt reduction plan

Our colleagues are up with a great preview of just what President Obama will suggest Congress institute to achieve the deficit reduction that was part of the debt ceiling compromise earlier this summer.

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."

But those phrases offer wide berth for interpretation.

We already found out earlier in the week one thing the president will NOT propose: making any changes to social security.


Topics: Uncategorized

soundoff (18 Responses)
  1. John

    Tax increases here, tax increases in the jobs bill – and the libs wonder why what this guy proposes is met with non-support? Even the dems aren't supporting the jobs bill.

    September 16, 2011 at 11:27 am |
    • Cal

      The American people overwhelmingly support both spending cuts and Tax revenue increases. You are not telling the truth.

      September 16, 2011 at 12:00 pm |
    • jane

      well, , the people want a jobs bill, thats for sure. and raise taxes on those billionaires, people want this too, who do you think can pay for the country, the lower 25 percent living in poverty. Jane

      September 16, 2011 at 5:00 pm |
    • keith

      Everyone wants to blame the president for the economy, but look at congress with there no ideas economy plans. I don't hear anybody complaining about big businesses taking jobs overseas for cheap wages. Big businesses want all these tax breaks, but yet they are just hiding their monies overseas just so they can avoid to pay their fair share of taxes. This problem been going on before the the president...

      September 16, 2011 at 6:10 pm |
  2. Jules

    Why is you think you can pay for even the fundemental things in 2011 with tax rates from the 1950's. Logic tells you that it cannot be done no matter how much you would like it to be so. We have to generate revenue from somewhere. If cutting taxes and getting rid of regulations would have worked in the Bush Administration we wouldn't be so deep in this mess. Seems to me everyone helping a bit to get us out along with spending cuts should be the order of the day if we want a stable economy. And – the dems are supporting the jobs bill. It is the GOP spreading their talking points saying that the dems don't support it just to make them look better.

    September 16, 2011 at 11:37 am |
  3. Cal

    GOP only care abut Tax cuts for the Millionaires and Billionaires the rest can go and take a flying leap.....

    September 16, 2011 at 11:58 am |
  4. Cal

    Congress has a 13% approval rating. Guess who controls it. The Tea Party/GOP. Had enough yet??????

    September 16, 2011 at 12:02 pm |
    • C-Lo

      You're half right, Cal...Dem's still control the Senate, and Reid has threatened time and agian not to allow House bills to see the Senate floor for a vote. So, yes, I have had enough. GOP/Tea Party have only had 8 months, and cannot get any of their bills into the Senate or to the Pres' desk. So, Yes, I have had enough. DEMS controlled all 3 for 2 years and did NOTHING to pass a budget (and the 2 year before that they controlled all of Congress) scaring businesses from hiring because they don't know what to expect. So, YES, I HAVE HAD ENOUGH.

      September 16, 2011 at 12:27 pm |
      • jane

        are you kidding me, they didn't have any trouble passing the Paul Ryans bill in the senate, they can pass any senate bills with their veto vote. I HAVE not seen one Jobs bill sent to the senate by the gops, not one. what jobs bill have they had out. except for cutting millionaires taxes and de regulation, which will not create one job, it sure didn't create jobs when Bush had this plan. Jane

        September 16, 2011 at 5:03 pm |
  5. Pete

    another shucking and Jiving Obama Move
    obama worst president since jimmy Carter

    September 16, 2011 at 12:33 pm |
    • will

      pete, I think you are living in a different world my friend. Even you don't like someone at least tell the truth you fell better in your heart, doesn't matter what color that person are..

      September 16, 2011 at 1:49 pm |

    this site is so full of hate and racisim. whatever he does you all will find something wrong with it. you all need God in your life.

    September 16, 2011 at 1:07 pm |
    • GordoTaco

      yes, obama is part if I criticize his policies, I am a racist? Nothing will ever get solved if we spend all of our time using phrases like TeaBaggers (which is a lame homosexual reference) and it is tolerated just fine by the left but disagreeing with the president on economic theory is proof that all on the right are racist.

      September 16, 2011 at 1:25 pm |
    • C-Lo

      Boy, you ain't kidding Renee'. I've been screamed at, threatened, called derogotory se-xual insults, racial ephitiths and on and on just because I ask for a smaller less intrusive gov't than this president and Dem congress have any interest in pursuing. The Hate is rampant!

      September 16, 2011 at 1:25 pm |
  7. Socalmatt661

    Its time for trickle UP economics! Spending cuts, tax cuts for small businesses who hire new employees, and increase the taxes on anyone making over 250K....the upper class can afford to strengthen the lower and middle classes right now, its the right thing to do. Then when we get out of this debt/unemployment mess we need to start working towards a flat tax that will equalize the classes and tax everyone evenly and always! Peace everyone!

    September 16, 2011 at 2:04 pm |
    • jane

      Your right, all these debt reductions will do is lay off more people. which then we need more tax revenue coming in. and bring more jobs to bring more revenue which will be a plus for the deficit reductions. You can' t just cut , cut , cut with no revenue coming in. Jane

      September 16, 2011 at 5:07 pm |
  8. JMG

    unreal how you Dems don't get it. There is no such thing as trickle up economics. Since when has a poor or even middle class person created a job for anyone? You don't have employees without employers. The vast majority of the "rich" are business owner who have put in years of working their asses of 16hrs a day to make their business succeed. They are more driven & determined than the rest of the population. Quit being jealous and do the same if you want the same results-this is America, you have the freedom to determine your own destiny. Don't steal from someone else if you decided to do something else with your life. Don't ask someone else to pay for your desires when you were/are not willing to go out and make the appropriate sacrifices to earn it. We are now at the point where roughly half of the population does not pay real taxes (yes, look it up). If everyone is riding in the wagon instead of helping pull it, those pulling it will eventually stop pulling it. Didn't you learn this as a child? Look at what happened to Russia, look at what is happening in Europe. Socialism always fails for this reason.

    Go search YouTube for "Bar stool economics" for a quick lesson.

    Now, don't get me wrong. I truly believe in a safety net for those who are incapable. I am adamantly against a hammock!

    JFK & Reagan proved cutting taxes will increase the amount of tax revenue. I know, hard to believe.... Again, look it up. Reagan failed to stop the Democratic Congress from spending $1.86 for every dollar he increased tax revenue. The most recent control by the Repubs– they spent more money than the Dems had been previously. What a bunch of drunken sailors (no offense to sailors).

    That's it. I could continue, but I think you get the idea.

    September 16, 2011 at 9:30 pm |
  9. Liz Carter in Georgia

    C-lo; stop whinning! The hate on this blog was initiated by conservatives against us liberals who are still supportive of the President, because we still believe that whatever steps he takes, or tries to take is for the good of AMERICA and the preservation of it's citizens and what's left of her PERIOD! Now don't go calling out for 'big government', when you all quake, flood, or burn out, out there, OK? You don't want the 'feds' in your busines so I guess you'll just take care of your own needs! Right?

    September 16, 2011 at 9:41 pm |