Obama unveils $3 trillion in debt cuts
Props to CNN.com
NEW YORK (CNNMoney) — President Obama unveiled a plan on Monday to cut the national debt by roughly $3 trillion over the next decade.
Obama’s plan reflects his vision for how best to put the country on a more fiscally sustainable course, so it is different in nature than the kind of legislative compromise he was trying to broker this summer during the debt-ceiling debate, a senior administration official said.
A driving principle behind the proposal is that high-income individuals and corporations should pay more in taxes than they do currently so that they will bear some of the burden of debt reduction going forward.
Indeed, in remarks on Monday morning, the president threatened to veto any debt-reduction legislation that cuts benefits and doesn’t include higher taxes on the wealthy. “I will not support any plan that puts all the burden on ordinary Americans,” he said.
Obama even introduced the “Buffett Rule” for millionaires — named after investor Warren Buffett, who has frequently argued that the very rich are not taxed enough.