| shenagxthy | Date: Monday, 24 Jun 2013, 12:54:23 | Message # 1 |
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Obama's deficit commission made a host of painful recommendations including raising the Social Security retirement age and curbing benefit increases, eliminating or sharply scaling back popular tax breaks, reforming a financially unsound Medicare program and almost doubling the federal tax on gasoline. Obama included none of these proposals in his new budget. The deficit panel called for savings by making these politically tough choices of $4 trillion over a decade, fourtimes the savings that Obama is projecting.
Of the $1.1 trillion in deficit savings that Obama is projecting over the next 10 years, twothirds would come from spending cuts, including $400 billion in savings from a fiveyear freeze on domestic programs that account for onetenth of the budget. The other onethird of deficit savings would come from tax increases such as limiting the tax deductions taken by high income taxpayers, a proposal that Obama put forward last year only to have it rejected by Congress. Obama also proposes raising taxes on energy companies.
锘?3 trillion budget for 2012
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