Ah so your one of those idiots they show when they are trying to degrade Obama?
He gonna pay my rent!
Degrade?
LOL
14.7 trillion in debt
Unemployment up
Poverty up
Welfare up
Tax cuts for billionaires
Wars Wars and more wars
Most divisive President ever
Gitmo open
787 Billion in Stolen stimulus
Lobbyists is Washington UP UP UP
Earmarks UP UP UP
Lies? UP Up Up....
Bailouts for Goldman Sach? Up.....
President Oprah is a failure
Democrats are not bright
Obama sets goal of $4 trillion in deficit cuts
(Reuters) - President Barack Obama on Wednesday set a goal of cutting the U.S. budget deficit by $4 trillion, plunging into the debate over the nation's fiscal woes after accusations he has failed to lead on the issue.
Obama, facing a 2012 re-election vote in which the nation's debt and deficit are major worries for Americans, promised in a speech in Washington to put the country on a gradually improving fiscal path.
He set a time-frame of 12 years or less to reach the goal of $4 trillion in deficit reduction and called for talks with Democratic and Republican lawmakers to hammer out a detailed blueprint.
Obama warned that steadily rising debt could cost jobs and harm the economy and force the country to borrow more from other countries such as China.
"If our creditors start worrying that we may be unable to pay back our debts, it could drive up interest rates for everyone who borrows money -- making it harder for businesses to expand and hire, or families to take out a mortgage," he said. But he added: "We can solve this problem."
Obama also proposed:
* Curbing deficits to 2.5 percent of GDP in 2015, 2 percent toward the end of the decade
* Ending Bush-era tax rates for the wealthiest Americans
* Seeking $770 billion in savings by 2023 in cuts to non-security discretionary spending
* Saving $480 billion in Medicare and Medicaid by 2023 and at least $1 trillion more by 2033.
Obama's proposal was welcomed by bond investors. It helped lift prices for U.S. government debt, pushing yields lower.
With the U.S. deficit expected to hit $1.65 trillion this year, Obama also proposed triggers that would force automatic, across-the-board cuts in spending if budget targets are not met by 2014.
The aim is to ensure that deficits as a share of the economy average no more than 2.8 percent of gross domestic product in the second half of the decade.
Past presidents have put in place similar "triggers".
Obama's proposal came a week after Paul Ryan, House of Representatives Budget Committee chairman, offered a blueprint for $4.4 trillion in deficit cuts.