DEFICIT -- September 19, 2011 at 9:15 AM ET
Watch Full Video: Obama Details Plan to Cut Deficit by $3 Trillion
Updated 12:16 p.m. ET
President Obama will detail his plan for deficit reduction in a speech in the White House Rose Garden at 10:30 a.m. ET.
Watch his remarks live here on the Rundown. Monday's Morning Line from David Chalian and Terence Burlij of our politics team has much more analysis on the plan and its prospects:
When President Obama takes to the Rose Garden at 10:30 a.m. ET Monday, he's expected to urge the congressional "super committee" charged with finding $1.2 to $1.5 trillion in deficit reductions to go far beyond that goal. The president will put forth his preferred path to nearly $3 trillion in deficit savings over the next 10 years.
The president plans to achieve that figure through a mixture of tax increases on individuals who earn more than $200,000 per year and families who earn in excess of $250,000 per year. Roughly half of his proposed $1.5 trillion in tax increases comes from allowing the Bush-era tax cuts for those high earners to expire. The other half comes from closing tax loopholes and limiting itemized deductions, a tax policy prescription that has yet to produce overwhelming support within his own party in addition to the existing wall of Republican opposition.
Updated 12:16 p.m.: House Speaker John Boehner has issued a statement on President Obama's plan:
"Pitting one group of Americans against another is not leadership. The Joint Select Committee is engaged in serious work to tackle a serious problem: the debt crisis that is making it harder to get our economy growing and create more American jobs. Unfortunately, the President has not made a serious contribution to its work today. This administration's insistence on raising taxes on job creators and its reluctance to take the steps necessary to strengthen our entitlement programs are the reasons the president and I were not able to reach an agreement previously, and it is evident today that these barriers remain."
The official version of the president's plan as released by the White House is available here.