Obama announces debt plan built on taxes on rich

WASHINGTON (AP) - In a blunt rejoinder to congressionalRepublicans, President Barack Obama urged $1.5 trillion in newtaxes Monday, part of a total 10-year deficit-reduction package toreach more than $3 trillion. "We can't just cut our way out ofthis hole," the president said.

The president's proposal aims to reduce spending in mandatorybenefit programs, including Medicare and Medicaid, by $580 billionand counts savings of $1 trillion over 10 years from the withdrawalof troops from Iraq and Afghanistan.

Obama's recommendation to a joint congressional committee servedas a sharp counterpoint to Republican lawmakers, who have insistedthat tax increases should play no part in taming the nation'sescalating national debt. The new taxes would predominantly hitwealthy Americans, ending their Bush-era tax cuts and limitingtheir deductions.

"It's only right we ask everyone to pay their fair share,"Obama said.

Responding to a common complaint from Republicans, he added:"This is not class warfare. It's math."

advertisement | advertise on News 12

Trending Video

A body was found in the wooded area 1 Body found in wooded area near Eastchester bowling alley
A 3-year-old girl died after a car accident 2 3-year-old killed in crash on Bruckner Boulevard
April 28 is Superhero Day. News 12 hit 3 Word on the Street: Superhero Day
NYPD officers gathered Friday in Longwood for the 4 NYPD officers walk for autism in Longwood
A kid from the Bronx is one of 5 Actor from the Bronx stars in '13 Reasons Why'

advertisement | advertise on News 12


Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.