Saturday, May 21, 2011

Midi...what?

According to an article on abc NEWS, writtin by Senior White House Correspondent Jake Tapper, Obama's "vision" for the deficit is to increse tax rates on Americans who make higher incomes of 200,000 pluse per year. The republican party seems to be up in arms about this because they would rather see the tax cuts at the expence of elliminating helthcare for seniors and the poor as well as to cut education expences by 25% and gut Clean Air protections. {1}
Damian Paletta, from the Wall Street Jounal, describes that Obama has called Congress to cut the deficit by four trillion over the next twelve years.
Democrats and republicans have agreed to work together on a "short term fical priority" to create a frmaework to limit the amount the federal government can borrow. This supposedly will reduce the deficit by four trillion and "trigger automatic tax and spending-cut provisions if the deficit is not on a path to reaching 3% of gross domestic product by 2014, down from nearly 10% now"{Obama}. Obama's plan will elliminate tax cuts for the super wealthy, cut discretionary spending, as with the pentegon, and it aims to cut Medicare costs. Obama would exempt Medicare from bieng subject to the "mechanism that would trigger automatic spending cuts and tax increases."(But isn't this antithetical to protecting the interests of those poor and retired individuals who need quality healthcare? Does it mean options will be reduced?). It seems that way.
However, the GOP is proposing to "end Medicare's role as a fee for service payment system", and to turn it "into a menue of government subsidized private insurance plans for younger" Americans. Obama said that this would undermine seniors and force them to pay a higher sum for health care.(Youthenasia?) However, this does not represent all republican. The Gang of Six is a bi-partisan group dedicated to working out a deficit reduction plan.{2}



{1}Tapper, Jake "President Obama to Describe "Vision" for Deficit Reduction. Contrast with Republican Plan." abcnews.com. abcNEWS. 21, May. 2011. http://blogs.abcnews.com/politicalpunch/2011/04/president-obama-to-describe-vision-for-deficit-reduction-contrast-with-republican-plan.html. 13, April. 2011

{2} Paletta,Damian. "Obama Stokes Deficit Fight." wsj.com. The Wall Street Journal. 21, May. 2011. http://online.wsj.com/article/SB10001424052748703385404576259903446373140.html 14 April. 2011.

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