Obama To Draw Sharp Distinction From Republicans On Budget
President Obama on Wednesday plans to announce budget plans very different than what we’re hearing from Republicans.
[He] will call for shrinking the nation’s long-term deficits by raising taxes on wealthier Americans and requiring them to pay more into Social Security, drawing a barbed contrast with a Republican plan to save money by deeply slashing Medicare, Medicaid and other domestic spending.
Obama will offer some spending cuts, including trims to the Pentagon’s budget, but his speech Wednesday is likely to provide Americans with a vivid choice between higher taxes or fewer benefits, issues that will color the national debate straight through the 2012 election…
Obama would end tax breaks for households earning more than $250,000 a year, trim Pentagon spending, lift a cap on the amount of income that is assessed for Social Security, and save on Medicare and Medicaid through alterations to healthcare delivery, administration officials said. He will speak about 1:30 p.m. Eastern time on the campus of George Washington University.Click here for reuse options!
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