Yet more economic lunacy from Obama:
Key features of Obama's plan, as described by senior administration officials Sunday evening:
-$1.5 trillion in new revenue, which would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies.
-$580 billion in cuts in mandatory benefit programs, including $248 billion in Medicare and $72 billion in Medicaid and other health programs. Other mandatory benefit programs include farm subsidies.
-$430 billion in savings from lower interest payment on the national debt.
By adding about $1 trillion in spending cuts already enacted by Congress and counting about $1 trillion in savings from the drawdown of military forces from Iraq and Afghanistan, the combined deficit reduction would total more than $4 trillion over 10 years, senior administration officials said.
News from The Associated Press
This is not a plan. It's just class warfare on the tax front, wistful thinking on Savings From Lower Interest Payments (at some point, China is going to demand a higher rate), and complete sophistry on the savings from Iraq and Afghanistan.
And didn't he already cut Medicare to pay for ObamaCare?
