Obama to Unveil Debt-Reduction Plan

Zachary A. Goldfarb of the Washington Post reports that President Obama will announce a proposal on Monday to tame the nation’s rocketing federal debt, calling for $1.5 trillion in new revenue as part of a plan to find more than $3 trillion in budget savings over a decade, senior administration officials said.

The proposal draws a sharp contrast with Republicans and amounts more to an opening play in the fall debate over the economy than another attempt to find common ground with the opposing party. It also represents a more populist approach to confronting the nation’s economic travails than the compromises he advocated earlier this summer.

Obama will propose new taxes on the wealthy, a special new tax for millionaires and eliminating or scaling back a variety of loopholes and deductions, officials say. About half of the tax savings would come from the expiration next year of the George W. Bush administration tax cuts for the wealthy. Republicans like Paul Ryan are calling the special new tax for millionaires “class warfare.” The plan will not call for any changes to Social Security.

Well, we’re glad the president is taking a more “populist” approach to handling the debt, because the compromises have not been working for the populace; instead, they have been working for the wealthy. We don’t understand why taxing the wealthy is seen as class warfare but not taxing the wealthy isn’t.

Read more at TheRoot.com.

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