Today, President Obama gave a speech at the George Washington University and laid out his plan for a balanced approach to achieve $4 trillion in deficit reduction over twelve years, based on the values of shared responsibility and shared prosperity. The President’s approach borrows from the Bipartisan Fiscal Commission and builds on $1 trillion in deficit reductions in the President’s 2012 budget.
This was a good speech. President Obama reiterated that he will not extend the Bush/Obama Rich Folk Tax Cut. For me, we heard him say this and he ended up extending these tax cuts for the ricn in December. But he may have more leverage going into the 2012 Presidential Election, if the White House stay on top of the MESSAGE to the public. (along with Congressional Democrats) Lastly, this was a speech in which another commission is being put together to actual cut into budgets, programs. Devil is in the details and we will see how much the Defense Budget, Medicare/Medicaid and possibly Social Security will be cut.