Obama’s Deficit Reduction Plan

How does President Obama propose to reduce the deficit by just over $2 trillion in 10 years?  In a nutshell:

Tax the Rich

  • repeal of the Bush-era tax rates for couples making more than $250,000
  • place limits on deductions for wealthy filers
  • end certain corporate loopholes and subsidies for oil and gas companies
  • combined $1.5 trillion in new taxes

Cuts to Benefit Programs

  • $248 billion cut from Medicare
  • $72 billion cut from Medicaid & other health programs
  • $430 billion in savings from lower interest payment on the national debt
  • $1 trillion in savings from drawing down military forces from Iraq and Afghanistan

See details here.

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