Obummer is likely to be grumpy after this. Liberals don't much understand RESPONSIBILITY. And it's nowhere near as fun as SPENDING.
Sept. 16, 2011, 3:44 p.m. EDT
Obama debt-cut plan seen topping $1.5 trillion
Key question is by how much
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — There is not much question that President Barack Obama’s deficit-reduction plan will top $1.5 trillion dollars, but the key question is by how much.
In his speech to a joint session of Congress, Obama said he would present “an ambitious deficit plan” to a new congressional supercommittee on Monday. The supercommittee is looking for ways to cut deficits by at least $1.5 trillion.
Experts said it is just sound politics for Obama to surpass that goal.
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Stan Collender, a budget expert and partner of Qorvis Communications Inc., said Obama’s plan is designed to “take care” of the Republican charge that Obama has never laid out a deficit reduction plan of his own.
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Michael Ettlinger, vice president for economic policy at the Center for Economic Progress, a think-tank with close ties to the White House, said he doesn’t want Obama to be too ambitious.
“A $4 trillion plan might look good on paper but it isn’t going to stick. It would create a political bloodbath and there would be committees set up to repeal things,” Ettlinger said.
On the other hand, a plan just above $1.5 trillion will actually hold and make meaningful reforms. he added.
The president should present a plan “that doesn’t make heads explode,” Ettlinger said.
Democrats don’t want Obama to include entitlement programs in his plan because they want to use the issue in next year’s election.
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Full story: http://www.marketwatch.com/story/obama-debt-cut-plan-seen-topping-15-trillion-2011-09-16
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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