On Monday, September 19th, president Obama released a proposal to reduce the United States federal government debt.
President Obama proposed a $3 trillion dollar deficit reduction package over 10-years. The plan included $1.5 Trillion in new taxes. It would reduce the Medicare and Medicaid spending by $600 billion over the same time period. And it would save $1 Trillion by withdrawing troops from Iraq and Afghanistan. The debt reduction would be used to fund his $450 billion dollar jobs plan.
The meat of the presidents proposal is to let the Bush tax cuts expire for the wealthy, limit deductions by upper income tax payers, and end corporate tax loopholes and tax breaks.
The plan include $400 billion in savings from reduce interest payments on debt.
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