Obama to Propose New Deficit Plan

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Obama to Propose New Deficit Plan
President Obama "is expected to offer a new plan to reduce the federal deficit by about $3 trillion over a decade, roughly half of which would come from tax increases," the Wall Street Journal reports.

"Obama will sound a populist tone, with the inclusion of a so-called 'Buffett Rule,' named after billionaire Warren Buffett, which would prevent millionaires from paying lower tax rates than middle-class Americans."

However, the New York Times reports Republicans "decried the notion of a new minimum tax rate for millionaires as 'class warfare,' saying the proposal by President Obama may be intended to portray Congressional Republicans who resist it as being callously indifferent to the hardships facing many Americans."

The Los Angeles Times notes the strong opposition by Republicans "means the millionaire tax proposal is unlikely to pass Congress. But it promises to become a highly charged centerpiece in the battle over deficit reduction and job creation that will be a focus of the 2012 elections."

http://politicalwire.com/archives/2011/ ... _plan.html