Obama Wants $4 Trillion in Savings

Thursday, 07 Jul 2011 08:02 AM

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President Obama is meeting with congressional leaders today and pressing them to consider a  far-reaching debt-reduction plan that would force Democrats accecpt Social Security and Medicare cuts in exchange for Republican support for fresh tax revenue, The Washington Post reports.

Obama is expected to argue that both sides have some consencus, and will propose significant reductions in Medicare and Social Security spending. In doing so, the Post reports, Obama is presenting a major shift in policy that would likely give Democratic lawmakers pause as many have vowed to protect health and retirement benefits.

“Obviously, there will be some Democrats who don’t believe we need to do entitlement reform. But there seems to be some hunger to do something of some significance,” a Democratic official familiar with the administration’s thinking told the Post. “These moments come along at most once a decade. And it would be a real mistake if we let it pass us by.”

Obama is now seeking $4 trillion, rather than $2 trillion in savings over the next decade and stabilize borrowing, the Post reports.

That would represent a major legislative achievement, but it would also put Obama and GOP leaders at odds with major factions of their own parties.

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