President Barack Obama will hit the road this week to drum up support for his plan to reduce the deficit though spending cuts and tax hikes.
His efforts will take him to the Northern Virginia Community College in Annandale, Va., to Facebook’s headquarters in California, The Washington Post
Although recent polls show disapproval of his record on the deficit, majorities agree that a combination of cuts and tax hikes on the rich are the way to go. The first battleground in the debate will be whether to raise the debt limit of $14.3 trillion, the Post said.
Treasury Secretary Timothy Geithner said Sunday on NBC’s “Meet the Press” that not raising the debt limit would be “catastrophic” and push the country back into a recession. House Budget Committee Chairman Paul Ryan, R-Wis., said on CBS’s “Face the Nation” said the GOP would not “rubber-stamp a debt increase.”
Two competing deficit-reducing plans are now on the table. The president’s would reduce the deficit by $4 trillion over 12 years through spending cuts and tax hikes. The GOP plan would cut the deficit by $4.4 trillion in 10 years through program cuts, the Post said.
© 2017 Newsmax. All rights reserved.