Republicans Criticize President Obama's Deficit Plan

By: CBS
By: CBS

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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