The White House says President Barack Obama’s upcoming budget proposal will not include his past offer to accept lowered cost-of-living increases in Social Security and other benefit programs. Those had been a central component of his long-term debt-reduction strategy.
Officials said Thursday that those potential reductions in spending, included in last year’s Obama budget, had been designed to initiate negotiations with Republicans over how to reduce future deficits and the nation’s debt. But Republicans never accepted Obama’s calls for higher tax revenue to go along with the cuts. Continue reading
In other news Thursday, House Speaker John Boehner claimed the White House hadn’t yet provided details on where spending cuts would come from to balance the budget. The White House responded by charging that Republicans had failed to say what tax increases they could tolerate in order to fix America’s long-term deficit. Continue reading
Unveiling a $3.8 trillion budget blueprint on Monday, President Obama cast the plan as an essential tool to spur economic growth and noted that tough choices would put the country “on a more sustainable fiscal path.” Republicans called the plan a “campaign document.” Ray Suarez reports. Continue reading