September 19th, 2011
01:35 PM ET

Obama outlines $3 trillion debt plan; GOP slams tax component

President Barack Obama released his long-awaited debt reduction plan Monday, outlining a roughly $3 trillion savings blueprint that was immediately criticized by top congressional and other Republicans.

The president's plan includes $1.5 trillion in new revenue generated largely by higher taxes on the wealthiest Americans, a proposal vehemently opposed by GOP leaders, who insist that any tax increase will undermine an already shaky economy.

The measure - which would add to nearly $1 trillion in savings signed into law under the debt ceiling deal enacted in August - does not include immediate changes to popular Medicare or Social Security benefits.

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Filed under: Barack Obama • Budget • Economy • Politics
soundoff (48 Responses)
  1. s kel

    Jim im guessing your one of those " darn" republicans trying to be sarcastic but is in fact telling the truth about you and your party.

    September 19, 2011 at 8:51 pm | Report abuse |
    • Jim Davis

      @ s kel..... U R Soooo Perceptive!! And thankyou for making my point!

      September 20, 2011 at 6:25 am | Report abuse |
  2. s kel


    September 19, 2011 at 10:15 pm | Report abuse |
  3. WOT

    What ever party you are in, we(all USA) will drown at the same time! Keep fighting every thing that the President put before Congress and the people: we will all get to hades the same time!

    September 19, 2011 at 11:21 pm | Report abuse |
  4. Scottish Mama

    s kel it is 12:20am and I am darn hungry now, thanks. This is the second thread I went thru and you are talking bbq.

    September 20, 2011 at 1:21 am | Report abuse |
  5. Kent

    I have a couple of ideas. The first one is instead of fighting back and forth between BOTH parties, why not come together and just do what is right for this country.(example of this is Greenville, SC) Number two is a question, Why in the world are we paying congress $176,000 per person and they get summer vacation? That's not right in my opinion, the people in congress are getting payed more than 3 times the AVERAGE AMERICAN! Lower their pay and take away their vacation! Number three is about the new "tax" plan, If everyone is angry over rasing taxes and tax breaks, why not make EVERYONE PAY THE SAME PRECENTAGE of their pay in taxes, and not give any tax breaks?(example: If someone makes $100,000 a year they would pay $17,000 in taxes, Someone who makes one million a year would pay $170,000. Both pay 17% of what they earn.)

    September 20, 2011 at 6:20 pm | Report abuse |
    • delilahjones

      The GOP REFUSES to do what is right for the country. Their main goal is to beat Obama. That comes before jobs, the economy, taxes, healthcare, education, wall street reform, infrastructure repair, anything – Mitch McConnel said so! That is why they say "no" to "everything" even things THEY have previous supported (some of which were even their own ideas). They don't want the economy to improve until after the election. This is so obvious and I think the American people know this and the GOP will pay the price at the next election.

      September 20, 2011 at 10:18 pm | Report abuse |
  6. Jim

    Job growth has resulted from tax hikes on the wealthy in the past, and the Republicans are not interested in job growth. It was their fiscal policies which led to our economic collapse in the first place.

    September 21, 2011 at 1:47 pm | Report abuse |
  7. Kent

    In my opinion you both are wrong, Everyone wants job grow in this country. I'm a independent, I want grow in jobs, I have friendos that are in both parties, and they want job growth to. America needs to be like Greenville, SC, Greenville has both GOP and Democrats on its board. They worked together to create a beautiful downtown(google image it), and not create any debt! They did what was right for the city. I'm just ticked off with all of Washington D.C.

    September 21, 2011 at 6:33 pm | Report abuse |
  8. forgotten child

    I don't normally get in on any of these discussions as I don't trust anything that is going on these days with our leaders or the garbage that they are trying to feed us about doing what is best for it's citizens. The powers that be do NOT take us very serious and it is no wonder with all of this crying and finger pointing everyone is doing right now about who is at fault for the mess everyone is in. Almost everyone bought into this credit and real estate system that the banksters and wealthy pushed. Buy now and pay later. Many were and are still living way beyond their means. It's pathetic. We were all deceived with get rich quick schemes and an American dream that doesn't even exist anymore. So everyone should stop the crying and find out why these people who robbed us haven't had their assets seized and why they are still free to keep robbing us. I believe if everyone did a little history reminder, they would see our leaders and most of the super rich are doing exactly what Rome did right before her fall and what our leaders are about to do to us right soon. Wake up sheeple!!!

    September 23, 2011 at 2:57 am | Report abuse |
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