{"id":379809,"date":"2011-04-13T18:17:00","date_gmt":"2011-04-13T18:17:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/13\/obama-outlines-deficit-cut-plan\/"},"modified":"2011-04-13T18:17:00","modified_gmt":"2011-04-13T18:17:00","slug":"obama-outlines-deficit-cut-plan","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/13\/obama-outlines-deficit-cut-plan\/","title":{"rendered":"Obama outlines deficit cut plan"},"content":{"rendered":"

\n \t\t
\n 13 April 2011<\/span>
\nLast updated at <\/span>14:17 ET<\/span>
\n<\/span><\/p>\n

President Barack Obama has offered a package of tax increases and spending cuts aimed at reducing the US budget deficit by $4tn (\u00a32.45tn) by 2023.<\/p>\n

In a speech, he proposed reducing spending on healthcare programmes for the poor and elderly and on defence, and raising taxes on the wealthy.<\/p>\n

Republican congressional leaders briefed on the proposal rejected any move to increase tax revenue.<\/p>\n

The ballooning US deficit will be a top issue in the 2012 election campaign.<\/p>\n

It is forecast to reach $1.5trn (\u00a3921bn) this year and both Democrats and Republicans have said cutting it is a priority.<\/p>\n

“We have to live within our means, reduce our deficit, and get back on a path that will allow us to pay down our debt,” Mr Obama said in a speech at George Washington University in Washington DC. <\/p>\n

\n\tContinue reading the main story<\/a>\t<\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

Their vision is less about reducing the deficit than it is about changing the basic social compact in America\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span>
\n\tPresident Barack Obama<\/span><\/p><\/div>\n

“And we have to do it in a way that protects the recovery, and protects the investments we need to grow, create jobs, and win the future.”<\/p>\n

Mr Obama said that spending cuts should not harm the US social safety net, such as the social security retirement system and healthcare programmes for the poor and elderly.<\/p>\n

“We would not be a great country without those commitments,” he said. “For much of the last century, our nation found a way to afford these investments and priorities with the taxes paid by its citizens.”<\/p>\n

Republicans have offered their own proposal that would go even further than Mr Obama’s, slashing $6.2 trillion from government spending over the next decade, in large part through cuts to government programmes that serve the elderly and the poor.<\/p>\n

The proposal, put forward by House budget committee chairman Paul Ryan, would also drastically reduce taxes for wealthy Americans.<\/p>\n

\n\tContinue reading the main story<\/a>\t\t<\/p>\n

Analysis<\/h2>\n

\t\t<\/p>\n

\n\t\tAndrew North<\/span>
\n\tBBC News, Washington<\/span><\/p>\n\n

\t<\/p>\n

The debate over how to fix US finances is becoming like ground-hog day. Every day seems to bring another plan. Today, it’s Mr Obama’s turn.<\/p>\n

But hang on, hasn’t he said this before? Well sort of, two months ago, when he announced his budget plan. Except then he promised a much smaller cut.<\/p>\n

But his Republican opponents have forced him to go further, after almost shutting the government down over spending cuts. They are now pushing their own plans to get the US back into the black.<\/p>\n

Mr Obama needed to respond – but he’s hoping he can persuade Americans to accept something less severe.<\/p>\n

But all sides are starting to realise the US government cannot keep on over-spending. For every dollar it spends, 40 cents is now borrowed. <\/p>\n

If it was a normal household, forced to pay normal interest rates, the US would already have been declared bankrupt.<\/p>\n

\t\n\t<\/div>\n

Mr Obama on Wednesday hit back at a Republican proposal, saying: “This is not a vision of the America I know.<\/p>\n

“Their vision is less about reducing the deficit than it is about changing the basic social compact in America.<\/p>\n

“There’s nothing serious about a plan that claims to reduce the deficit by spending a trillion dollars on tax cuts for millionaires and billionaires. There’s nothing courageous about asking for sacrifice from those who can least afford it and don’t have any clout on Capitol Hill.”<\/p>\n

But top Republicans, whom Mr Obama briefed on his proposal on Tuesday morning, have staunchly rejected his call to increase tax revenue raised from wealthy Americans.<\/p>\n

The House is due to vote on Mr Ryan’s proposal on Friday.<\/p>\n

“We don’t believe a lack of revenue is the problem, and so we will not be discussing raising taxes,” said Republican Senate Minority Leader Mitch McConnell.<\/p>\n

Buoyed by the fiscally conservative Tea Party movement, Republicans have won a series of policy victories, including forcing $38.5bn in government spending cuts for the remainder of the current fiscal year.<\/p>\n

Mr Obama hopes to retake momentum from Republicans on the issue as the 2012 presidential campaign warms up, analysts say.<\/p>\n

US political observers expect the fight over the government budget for the fiscal year beginning 1 October to be bruising, as Republicans and Democrats push their competing visions.<\/p>\n

Last week, the US government came within an hour of shutting down as Republican and Democratic leaders battled to reach an agreement on a budget for the next six months.<\/p>\n

The deal reached just before midnight on Friday cut $38.5bn from the budget to 30 September.<\/p>\n<\/p><\/div>\n<\/p>\n

Continue reading here:
\nObama outlines deficit cut plan<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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