Obama's Debt Plan Pairs Cuts With Higher Taxes on Rich
In a speech on Wednesday, President Obama called for cutting
the nation's budget deficits by $4 trillion over the next 12
years, countering Republican budget plans with what he said
was a more balanced approach that relies in part on tax
increases for the wealthy as well as on spending cuts.
In a speech that serves as the administration's opening bid
for negotiations over the nation's fiscal future, Mr. Obama
conceded a need to cut spending, rein in the growth of
entitlement programs and close tax loopholes, officials said
shortly before he spoke.
But he also insisted that the government must maintain what
he called investment in programs that are necessary to
compete globally. And he made clear that, despite his
compromise with Congressional leaders in December, Mr. Obama
would fight Republicans to end lowered tax rates for wealthy
Americans that have been in place since President George W.
Bush championed them in the last decade.
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