WASHINGTON — The White House says President Barack Obama is setting a goal of lowering the deficit by $4 trillion over the next 12 years as he wades into the politically volatile debate over the nation’s crushing debt.
A week after formally announcing his re-election campaign, Obama is set to propose a mix of tax increases already rejected by Republicans, and cuts to safety-net health programs likely to alienate many liberals.
In a speech today at George Washington University, the president also is expected to propose reducing defense spending and eliminating tax breaks and loopholes.
Obama’s plan falls well short of the more than $5 trillion in cuts over a decade proposed by House Republicans, and dismissed by Democrats as draconian.
Copy the Story LinkSend questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.