Obama announces debt plan built on taxes on rich

In a blunt rejoinder to congressionalRepublicans, President Barack Obama urged $1.5 trillion in newtaxes Monday, part of a total 10-year deficit-reduction package toreach more than

WASHINGTON (AP) - In a blunt rejoinder to congressionalRepublicans, President Barack Obama urged $1.5 trillion in newtaxes Monday, part of a total 10-year deficit-reduction package toreach more than $3 trillion. "We can't just cut our way out ofthis hole," the president said.

The president's proposal aims to reduce spending in mandatorybenefit programs, including Medicare and Medicaid, by $580 billionand counts savings of $1 trillion over 10 years from the withdrawalof troops from Iraq and Afghanistan.

Obama's recommendation to a joint congressional committee servedas a sharp counterpoint to Republican lawmakers, who have insistedthat tax increases should play no part in taming the nation'sescalating national debt. The new taxes would predominantly hitwealthy Americans, ending their Bush-era tax cuts and limitingtheir deductions.

"It's only right we ask everyone to pay their fair share,"Obama said.

Responding to a common complaint from Republicans, he added:"This is not class warfare. It's math."

advertisement | advertise on News 12

Trending Video

News 12 Brooklyn asked residents who their favorite 1 Word on the Street: Presidents Day
An 18-year-old boy who was shot and killed 2 Teen ID'd in fatal police-involved shooting
Catch 3 LI Winter: Theaters add extra shows for winter break
The former rookie officer was convicted for shooting 4 Group gathers to commemorate Liang trial
Nassau Police say they arrested a 23-year-old man 5 Police: Uber driver beaten unconscious by passenger

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE