Obama Offers Plan To Cut $4 Trillion From Deficit In 12 Years

President Obama outlined his plan for deficit reduction today, calling for $4 trillion to be cut over 12 years, with spending cuts and tax increases. And he blasted the Republicans' deficit-reduction plans (Rep. Paul Ryan's "Path to Prosperity") which include tax breaks to the rich and corporations, "In the last decade, the average income of the bottom 90 percent of all working Americans actually declined. Meanwhile, the top 1 percent saw their income rise by an average of more than a quarter of a million dollars each. That’s who needs to pay less taxes? They want to give people like me a $200,000 tax cut that’s paid for by asking 33 seniors to each pay $6,000 more in health costs. That’s not right, and that’s not going to happen as long as I’m president." [ more ? ]

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