In an attempt to compromise with Republicans, President Obama will be sending a budget plan to Capitol Hill on Wednesday which will include cuts on programs such as Medicare and Social Security.
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The President’s plan will potentially replace the cuts on military and domestic programs that became effective on March 1 by raising taxes on wealthier Americans and reducing cost-of-living payments for Social Security benefits, but will include financial protections for low-income and very old beneficiaries.
A raise in federal taxes on cigarette and tobacco products in order to pay for free kindergarden education programs nationwide is also proposed in the President’s plan.
“The president has made clear that he is willing to compromise and do tough things to reduce the deficits, but only in the context of a package like this one that has balance and includes revenues from the wealthiest Americans and that is designed to promote economic growth,” said a senior administration official.
“Things like C.P.I. that Republican leaders have pushed hard for will only be accepted if Congressional Republicans are willing to do more on revenues.”
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According to officials, the Presiden’ts budget plan will reduce the nation’s deficit by over 1.8 trillion dollars within the next ten years.
SOURCE: NY Times
