This article was last updated on April 16, 2022
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In a bid to reduce long term deficits US President Barack Obama’s proposal of $1.5 trillion reduction in deficits has been termed as unsatisfactory and only aimed at the wealthy.
There have been calls from Barack Obama’s own Democratic Party to take a much tougher stance against the Republicans. His proposal has been termed as something that is primarily focused up on the wealthy or the upper class in the social hierarchy.
Obama produced this proposal right after John Boehner, House speaker took a sharp stance against the increase of taxes to cut down deficits.
Following are the key features of the proposal that have been summarized by the senior administration:
“-$1.5 trillion in new revenue, which would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies
-$580 billion in cuts in mandatory benefit programs, including $248 billion in Medicare and $72 billion in Medicaid and other health programs. Other mandatory benefit programs include farm subsidies.
-$430 billion in savings from lower interest payment on the national debt”.
This proposal has, with due reason, been out rightly denied by the Republicans. GOP Rep. Paul Ryan of Wisconsin, the House Budget Committee chairman said “Class warfare may make for really good politics but it makes for rotten economics.”
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