General

Obama proposes to cut deficit by $4 trillion over 12 years

Goal falls short of targets set by his deficit commission

In a speech today, Obama proposed a “more balanced approach” to achieve $4 trillion in deficit reduction over 12 years. He’s also called for the creation of a new congressional commission that will be charged with developing the plan to achieve that goal. The goal falls short of targets set by his deficit commission and House Republicans, reports the Washington Post. “We don’t have to choose between a future of spiraling debt and one where we forfeit investments in our people and our country. To meet our fiscal challenge, we will need to make reforms,” Obama said. “We will all need to make sacrifices. But we do not have to sacrifice the America we believe in. And as long as I’m president, we won’t.”

Washington Post

Los Angeles Times

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