Boehner, GOP Brace for Obama's $1.5T Tax Push

Monday, 19 Sep 2011 06:13 AM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Sept. 18 (Bloomberg) -- President Barack Obama will call tomorrow for $1.5 trillion in tax increases over the next decade targeting the wealthy and corporate preferences as part of a plan to cut the deficit by $3 trillion over the same period, administration officials said.

The stance puts Obama in direct conflict with Republican congressional leaders including House Speaker John Boehner, who last week said his party would not accept tax increases and urged a congressional panel charged with reducing deficits to focus on cuts to entitlement programs such as the Medicare health insurance plan for the elderly.

Obama’s plan, which he is scheduled to deliver in a statement at 10:30 a.m. tomorrow Washington time at the White House, will form his recommendations to a 12-member congressional committee charged with finding ways to trim at least $1.5 trillion from the deficit over a decade. The panel is supposed to deliver its recommendations to Congress by Nov. 23.

Obama will threaten to veto any deficit plan that cuts Medicare benefits unless wealthy Americans also are asked to pay more in taxes, according to the officials, who briefed reporters on condition of anonymity. While Obama will include Medicare benefit cuts in his proposal, the administration will insist on tax increases as a condition, they said.


© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved