Republicans Criticize President Obama's Deficit Plan


President Obama is calling for $1.5 trillion in new taxes as part of a 10-year deficit reduction plan.

"We can't just cut our way out of this hole. It's gonna take a balanced approach."

The president's plan would also end the Bush-era tax cuts for couples making more than $250,000 dollars.

Currently, the highest income earners can pay as little as 15 percent in taxes, while most middle-class Americans pay an average of 25 percent.

But before the President even finished speaking, a spokesman for House Speaker John Boehner announced on twitter that the proposals were "not serious."

"I don't believe that class warfare is leadership," Rep. Boehner said.

The President has rejected the charge of class warfare. But his plan could be political warfare, challenging Republicans in the run-up to the 2012 election.

"It's bad policy mixed with bad politics," said Rep. Eric Cantor, R-House Majority Leader.

The President's debt reduction plan also calls for less politically-charged measures... including $1.1 trillion in savings from winding down the wars in Iraq and Afghanistan and $580 billion in mandatory spending cuts, including reforms to Medicare and Medicaid.

But President Obama is threatening to veto any plan sent to his desk that does not pair cuts to Medicare and Medicaid.. with tax increases on the wealthiest Americans.

The president also wants to raise revenue through other means, like increasing fees for airline security and mortgages.

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  • by Republican all the way!!!! on Sep 20, 2011 at 07:17 AM
    Here I am, a dedicated, long time Republican....currently UNEMPLOYED....and I paid 33% in taxes last year..... WTF is wrong with our leaders in Washington??? They are just STUPID!!! If they do not force the rich to start paying their share of the taxes, I will deffinately be voting out of the republican party from now on. It is just plain and simple, Republican want to protect their buddies that contribute to them the most. The people that can afford it the most, get the biggest breaks and then they donate to the people who protect them from paying...STUPIDITY is running wild in the Repuclican Party and I for one, am about through with it.....
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