Home Members Tools Credit Cards
   

  • Obama Deficit Reduction Plan

    In his budget speech today at George Washington University, President Obama said that his goal was to cut the federal debt by $4 trillion over the next twelve years, phased in over time to avoid hampering the economic recovery.

    To deal with the nation’s $14 trillion deficit, Obama said he would not extend Bush-era tax cuts for high earners - set to expire at the end of 2012.

    “In the last decade, the average income of the bottom 90 percent of all working Americans actually declined. Meanwhile, the top 1 percent saw their income rise by an average of more than a quarter of a million dollars each. That’s who needs to pay less taxes?” Obama said.

    “They want to give people like me a $200,000 tax cut that’s paid for by asking 33 seniors to each pay $6,000 more in health costs. That’s not right, and that’s not going to happen as long as I’m president.”

    But Republicans in Congress argue that job growth will suffer if Bush tax cuts expire; it’s the wealthy who create the jobs that are needed for economic growth.

    House Speaker John Boehner (R-OH) said, “any plan that starts with job-destroying tax hikes is a non-starter.”

    Rep. Paul Ryan (R-Wis) said, “We don’t have a problem with our budget because Americans don’t pay enough taxes. We have problems with our budget because we spend too much money.”

    House Majority Leader Eric Cantor (R-Va) said, “Most people understand that Washington doesn’t have a revenue problem, it has a spending problem. We can’t raise taxes.”

    Obama said that the deficit reduction he proposes will come from budget cuts of $770 billion, a cut in defense spending by $400 billion, Medicare and Medicaid reform that will amount to saving $480 billion, and tax reform that accounts for $320 billion, and “builds on the roughly $1 trillion in deficit reduction I already proposed in my 2012 budget.”

    Obama’s plan calls for limits on itemized deductions for the wealthiest 2% of Americans.

    Obama said, “But to reduce the deficit, I believe we should go further. And that’s why I’m calling on Congress to reform our individual tax code so that it is fair and simple -- so that the amount of taxes you pay isn’t determined by what kind of accountant you can afford.”

    Also, if by 2014 the national debt hasn’t been stabilized and put on a declining path, a debt “failsafe” will trigger an across-the-board spending cut. Obama included “tax code spending” in those cuts but not Medicare, Social Security, or low-income programs.
  • Disclaimer

    Information in these articles is brought to you by Finance Globe. Banks, issuers, credit card, and other companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles and is further subject to our terms and conditions.
  • Recent Activity

    Meya

    Report Your "Credit limit Increases" Here!

    Thread Starter: Meya

    I think this forum would benefit those who asks other members "When do you think I will get a limit increase." This might end up being a long thread,...

    Last Post By: Wanderer September 2nd, 2014, 01:26 AM Go to last post
  • Recent Forum Posts

    Wanderer

    Re: Report Your "Credit limit Increases" Here!

    Awesome increases! Capital One has your number.

    Wanderer September 2nd, 2014, 01:26 AM Go to last post
    animiser

    Re: Report Your "Credit limit Increases" Here!

    Capital One Platinum - Increased from 450 to 1500 in 6 months (I called and requested both increases)

    Upgraded from Platinum to QuickSilver

    animiser September 1st, 2014, 08:20 PM Go to last post
    bocald99

    Re: Report Your "Credit limit Increases" Here!

    Lowes card from $6900 to $17,000 through credit solutions. Need to remodel kitchen and buy new appliances. Spoke to super nice CS and asked for 20k and

    bocald99 August 28th, 2014, 09:11 PM Go to last post
  • Recent Headlines and Articles

    ChrisB

    Three Updates to make before Listing your Home

    It may not make sense to update your home before listing it for sale, however, there are many benefits of doing so. Most importantly, it will increase the value of the property, which means you can demand a higher price.

    There... read more
    ChrisB August 28th, 2014, 07:04 AM
    ChrisB

    Signs to Move onto another Life Insurance Agent

    When the time comes to purchase life insurance, there is nothing more important than making a confident decision without delay. After all, every day that you wait is another day you are taking... read more
    ChrisB August 27th, 2014, 08:41 AM
    ChrisB

    Why Buying a Car Online makes Sense

    In the good old days of the automotive industry, the only way to purchase a new vehicle was to stop by a local dealer and haggle with a salesperson. While this is still a strategy many employ, technology has changed... read more
    ChrisB August 26th, 2014, 08:35 AM
    ChrisB

    Is your Mortgage Broker Scamming you?

    There will be a lot going through your mind when it comes time to purchase a home. While you spend most of your time searching for the perfect property, there is something else that should be on your mind: obtaining... read more
    ChrisB August 25th, 2014, 08:29 AM
    ChrisB

    Quick Tips for Saving more Money for Retirement

    If you find that you are not saving nearly as much money as you should for your retirement, it is easy to believe that you have to make major changes to your daily life in order to catch up.

    While there is nothing wrong... read more
    ChrisB August 21st, 2014, 09:38 AM
    ChrisB

    To Buy a Car or not to Buy a Car, that is the Question

    Are you the type of person who gets excited about the thought of buying a new car? Or are you the type who avoids this at all costs?

    No matter which group you fit into, there will come a time when you need to answer... read more
    ChrisB August 20th, 2014, 09:29 AM
    ChrisB

    How to get more out of a Job Interview

    Any job interview, regardless of the company or your current position, is sure to bring some level of stress to your life. After all, you wouldn’t be interviewing if you didn’t want to secure the position.

    Some people... read more
    ChrisB August 19th, 2014, 08:31 AM

 

 

 

Credit Cards | Finance Social Network | Credit Card Reviews | Markets
About Us | FG on the Web | Sitemap | Privacy | Terms | Contact


Copyright © 2014 Finance Globe. All rights reserved.