WASHINGTON – On Monday Barack Obama unveiled a plan to reduce deficits of more than $ 3 trillion over ten years, which includes new tax revenues to the tune of $ 1.5 trillion.
The project of U.S. President expected to decline by $ 580 billion in mandatory spending on social programs, including Medicare (health insurance for the elderly) and Medicaid (the federal program for the poor). It is also banking on a $ 1 trillion economy in ten years because of withdrawals from Afghanistan and Iraq.It also contains new tax levied on the wealthiest classes of American society, with particular an end to tax cuts implemented by George W. Bush.”If we’re going to make spending cuts, many of which we wouldn’t make if we weren’t facing such large budget deficits, then it’s only right that we ask everyone to pay their fair share,” Obama said.
The proposals of the White House should be directed to a bi-partisan parliamentary committee. The Republican majority in the House of Representatives, however, have already ruled out raising taxes to reduce debt abysmal in the country.
On Monday anticipating a new tax battle with the Republicans, Barack Obama said that “This is not class warfare. It’s math.”
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