Click here for linkPresident Obama on Monday proposed a deficit reduction plan that calls for about $3 in new tax increases for every dollar in additional spending cuts as he seeks to put his imprint on the ongoing talks with Congress over reducing the government’s staggering debt.
In a plan his advisers described as his ideological vision rather than a compromise offer to Hill Republicans, Mr. Obama also threatened to veto any plan Congress sends him that makes changes to Medicare benefits without also raising taxes on the wealthy, which he argues is central to a “balanced” approach.
“This is not class warfare, it’s math,” Mr. Obama said in the White House’s Rose Garden as he laid out the outlines. “The money’s got to come from some place.”
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