Obama unveils $3.6 trillion deficit-cut plan

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Obama unveils $3.6 trillion deficit-cut plan
WASHINGTON (MarketWatch) -- President Barack Obama's $3.6 trillion deficit reduction plan would allow the country to start reducing its debt level by 2017, the White House said Monday. The proposal would hit "primary balance" in that year, where current spending is not longer adding to debt. Under the White House plan, the national debt would fall to 73% of GDP in 2012. If Congress took no action to cut spending, the debt would hit 90.7% of GDP, the White House said. Obama will deliver remarks about his debt plan later Monday morning. The proposal included entitlement cuts, tax increases and savings from bringing U.S. troops home from Iraq and Afghanistan. Obama also issued "five principles" for Congress to consider on raising revenue, including a so-called "Buffett rule" that said millionaires should not pay a smaller share of their income in taxes than middle-class families pay.