Obama’s Admission About the Forthcoming Budget
There has already been criticism from both sides about the budget plan that President Obama says is not his “ideal plan,” but it is an attempt to offer concessions to both sides. However, it seems to have incited both sides instead of bringing them to a compromise.
The deficit plan is set to be released Wednesday, and in his statements about it President Obama said that his plans are to provide money for early education and job training and public works. Additionally, his plan calls for raising taxes by $580 billion.
Liberals did not respond well to the plan when some of the details were released about the plan, especially the part that calls for slower growth in government benefits programs for veterans, the elderly, and the poor. It also calls for higher taxes from the wealthy…
President Obama responded by stating, “It’s a compromise I’m willing to accept in order to move beyond a cycle of short-term, crisis-driven decision-making, and focus on growing our economy and our middle class for the long run.”
The deficit reduction plan would decrease the deficit by $4.3 trillion by 2023,counting the spending cuts that President Obama has approved since 2011. This plan also has $580 billion in new taxes that are opposed by Republicans.
It seems that President Obama’s attempt at a compromise is going to present challenges because his allies are against the plan to raise taxes. Additionally, Republicans are opposed to the tax increases. Thus, this new plan will likely face a lot of backlash when it is released Wednesday.