President Barack Obama proposes cutting the nation’s future deficits by $4 trillion over the next 12 years. In his speech at George Washington University Wednesday, Obama drew a sharp contrast between his proposal and the Republican plan, which he says is “out to change the social compact in America.”
Sen. Chris Coons of Delaware, a Democrat, says he agrees with Obama’s plan to eliminate tax breaks for the rich.
“Our path toward a solution to the deficit and the debt has to run through shared sacrifice,” said Coons. “And in a nation that’s been at war now for a decade, and where we had a whole series of expensive federal undertakings at the same time when there were significant tax reductions for the wealthiest Americans, I think a component of making progress, of tackling the deficit and debt, has got to be tax reform.”
But Sen. Pat Toomey of Pennsylvania, a Republican, criticized the proposed tax increases. Toomey says the plan will hurt the country’s economic recovery.
“While I’m pleased that he has rhetorically acknowledged the need for spending cuts and deficit reduction, we need more than rhetoric,” said Toomey.
Obama also recommended cuts to both Medicare and Medicaid, as well as defense spending.