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Following last week’s release of the Paul Ryan debt plan, and the subsequent clamoring for the Democrats to show THEIR plan, the President plans to do just that.According to NYT, Obama will deliver a speech on debt reduction on Wednesday.
Details remain pretty vague, but there are a few hints given in the New York Times. Plus we can surmise a few things based on what we already know the President wants.
- There will be some modest changes to Medicare and Medicaid.
- defence spending will get whacked (remember, the Ryan plan didn’t touch this at all).
- Taxes will go up for the wealthiest.
- He’s also going to touch Social Security — which Ryan did not — though again, details aren’t clear.
- According to James Pethokoukis, there is likely to be a call for various spending “caps” in the future, to ensure future sustainable spending.