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. Bermille

    Of course republicans don't want to support a plan to level the playing field when it comes to paying taxes.

    September 19, 2011 at 1:37 pm | Report abuse |
  2. RUFFNUTT ( Somalian pirate & fisherman )

    the plan... print up more money!!!

    September 19, 2011 at 1:40 pm | Report abuse |
  3. Scottish Mama

    Ruffie Hold the pressses. It is not to print more money. It is to reform tax loopholes first for the most fortunate. Warren Buffets secretary pays more taxes than he does. See what is wrong with that picture.

    September 19, 2011 at 1:56 pm | Report abuse |
  4. RUFFNUTT ( Somalian pirate & fisherman )

    you are right... i doubt they will ever get the laws change tho..
    .
    the super rich own 99% of everything in the usa.. rest of us split the 1%///

    September 19, 2011 at 2:03 pm | Report abuse |
  5. Scottish Mama

    There is no longer a choice Ruffie, we have to. We have to do something. Not addressing our issues does not lessen the impact, it will get worse. Starving and begging in the streets. We already have families in cars and tent cities. Missouri put the people up in an abandoned hospital.

    September 19, 2011 at 2:07 pm | Report abuse |
  6. Scottish Mama

    By the way people, give to your local pantries, even if it is a case of cans a month.

    September 19, 2011 at 2:09 pm | Report abuse |
  7. RUFFNUTT ( Somalian pirate & fisherman & kcmo resident )

    what is totally stupid is that there is homeless families, and down the street there is 3 house that got foreclosed on and are abandoned.. caus ethe banks would give the previous owners a decent percentage rate...

    September 19, 2011 at 2:16 pm | Report abuse |
  8. Scottish Mama

    Exactly, during the winter montys these homes will be home to rats and varmits. Instead of a family to keep it warm and in repair.

    September 19, 2011 at 2:43 pm | Report abuse |
    • Scottish Mama

      Not montys, months

      September 19, 2011 at 2:43 pm | Report abuse |
  9. Scottish Mama

    In the other blog it states that the wealthy will then shift their assets elsewhere, as they do when they shift and selloff in stocks. I say more for us and when they do more opportunities for more growth locally. Will take up there slack and probably get better interest rates.

    September 19, 2011 at 2:52 pm | Report abuse |
  10. gung hoe

    Hi moma i give weekly to our church weekly But your right moma if we dont give at church then give to foodpantry or amvets or goodwill If you are luckey enough to have a excess Its our responsibility to help those who arent as fortunate

    September 19, 2011 at 3:05 pm | Report abuse |
    • Scottish Mama

      Hi gung-you are right give any way you can. Many are going to need it. (how about those lions) smiley face here

      September 19, 2011 at 3:41 pm | Report abuse |
  11. Bill Fitzgerald

    Only took three years to figure this out Obama? Where have you been, golfing? What about job creation, idiot.

    September 19, 2011 at 3:10 pm | Report abuse |
    • Scottish Mama

      Well Bill I think he was thinking coom-ba-ya and we are the world and bipartisan. Now we are at critical mass.
      lBill did you see his beginning jobs act. I think it is phase one.

      September 19, 2011 at 3:46 pm | Report abuse |
    • rired48

      Bill Fitzgerald...

      Get corporate america to hire for jobs in the U.S. They are sitting on bushels of profits, outsourcing jobs, off-shoring profits, and sticking the red/white/blue phallus up the butts of the middle class.... Keep blaming Obama, you idiot...

      September 19, 2011 at 4:00 pm | Report abuse |
  12. fernace

    Of course the Teapublicans are gonna slam this proposal! 1st it was suggested by the President, who they refuse to work with, 2nd it involves closing loopholes, ending subsidies & not reinstating Bush's tax breaks for the rich-super rich! The New Ol' Tea Party want to force a renovation of SS & MediCare, which is sure to involve depletion, diminishing or razing of the programs alltogether! They don't care about the people, as long as their base is covered! The super rich & aren't worried about the economy, why should the Tea Bags be! Plus as long as they can prevent forward motion by Obama, their work is done!!

    September 19, 2011 at 3:13 pm | Report abuse |
    • Scottish Mama

      Hi Fernace Voting in huge numbers might.

      September 19, 2011 at 3:43 pm | Report abuse |
  13. banasy©

    Mama has the right ideas:
    If only the powers-that-be listened to suggestions of the people BY the people...

    September 19, 2011 at 3:46 pm | Report abuse |
    • Scottish Mama

      We are just the wee folk.

      September 19, 2011 at 3:47 pm | Report abuse |
  14. banasy©

    Obama coild come up with the cure. For every ill, and the GOP would vote against it, Bill.
    It only took Bush 8 years to screw up the country, right?

    September 19, 2011 at 3:47 pm | Report abuse |
  15. banasy©

    GOD, I get so mad at the willful blindness, sometimes....

    September 19, 2011 at 3:49 pm | Report abuse |
    • Scottish Mama

      We have to do something, this is a bandaid, and then we have to get real serious.

      September 19, 2011 at 4:02 pm | Report abuse |
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