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.

Post by:
Filed under: Barack Obama • Budget • Economy • Politics
soundoff (48 Responses)
  1. Scottish Mama

    I think we need some math statistical minded Americans on here to tell us if the math will help the economy as a starter up kit.

    September 19, 2011 at 3:58 pm | Report abuse |
  2. jjheinis

    Read my lips: no new taxes. Papa Bush. Nothing has changed in the eyes of the Republicans, ever.

    September 19, 2011 at 4:03 pm | Report abuse |
    • Tplace

      And who's in office right now?

      September 19, 2011 at 7:39 pm | Report abuse |
  3. Mayhem

    Again, same sh!t, different day, errr, politico...

    September 19, 2011 at 4:11 pm | Report abuse |
  4. James Wagner

    When congress cut payroll taxes it raised taxes on all retired military. After two years of no COLA raises this cut in income really hurts. But that's OK millionares need the money.

    September 19, 2011 at 4:26 pm | Report abuse |
  5. HR Tanner

    I say we should cancel the non-profit status that the NAACP has enjoyed, and charge them DOUBLE Taxes, since they find it offensive to have the statue of George Washington in close proximity to one of their protest, err Rallies. Maybe next year there should be a large boxes built to enclose each of the MLK Jr. statues around the country on Presidents Day. Why is it CNN has not reported on this? Are the Anti-Americanism actions of one of the largest "media happy" organizations in this country, not news enough for CNN to even acknowledge? I'm disappointed.

    September 19, 2011 at 4:47 pm | Report abuse |
  6. Donald Everson

    Hmmmmmmmm wonder if Obama knows the same guys as Netflix. Raise tax but just give it a new name, nobody will notice. Call it Wonderflix.

    September 19, 2011 at 5:08 pm | Report abuse |
  7. Irv Rhodes

    Only 5% of Small businesses make over $250,000.00 a year. While 20% of household make over $250,000.00 a year. This suggest that the people who are making more then $250,000.00 a year are employees, not employers.

    September 19, 2011 at 6:15 pm | Report abuse |
  8. WOT

    Raise tax on imports of the outsourcing of American Jobs companies! When you export jobs to the 3rd world, all is lost! "Let each state pay their congress person and stop the lobby of congress"!

    September 19, 2011 at 6:52 pm | Report abuse |
  9. Islander

    Here Goosey Goosey Goosey.......... I need to kill you now in the short term. Maybe things will improve for you later.

    September 19, 2011 at 7:00 pm | Report abuse |
  10. bobcat2u

    The first thing to do is for all of congress to take a cut in pay and quit accepting the automatic pay raise every year. They can certainly talk a good game. It's time for them to lead by example.

    September 19, 2011 at 7:23 pm | Report abuse |
  11. s kel

    Republicans = Ignorant Classless Warfare , something the joke called republicans have been doing scence Jan,2009.

    September 19, 2011 at 8:03 pm | Report abuse |
  12. s kel

    HR Tanner if anyone supports flying the confederate should be SHOT for treason. You sound like YOU support the flying of that treasonious flag.

    September 19, 2011 at 8:07 pm | Report abuse |
  13. Charliecharliecharlie

    I just hope all liberals, centrists, moderate republicans (are there any left?) and anyone else who doesn't want to live in an America run by the extremists on the right finally get our act together and start supporting this president before it's too late. We have to realize that even if he hasn't succeeded in implementing everything we want him to, he at least wants to implement what we want him to. More importantly, he's holding off the implementation of a lot of nutty ideas on the right. What if the right gets a hold of the presidency and congress with a right leaning court? It's time to join forces and support this guy who is trying (and succeeding in a lot of ways to do what's best for our country). He's got to know that we've got his back.

    September 19, 2011 at 8:23 pm | Report abuse |
  14. GaryB

    Corporate America and America's Billionaires... You've gotten your tax cuts... where are the jobs?

    September 19, 2011 at 8:26 pm | Report abuse |
  15. Jim Davis

    Yep, those darn Republicans..... Everything is their fault. They are the worst. I'm sure glad Democrats aren't responsible for ANY of this mess America is in. We do everything right (I mean, correctly) and they don't have a clue about ANYTHING. We are so smart and have all the answers. If those dumb Republicans would just get out of the way, we could save the world!

    September 19, 2011 at 8:29 pm | Report abuse |
1 2 3