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<blockquote data-quote="Babagounj" data-source="post: 880215" data-attributes="member: 12952">WASHINGTON&nbsp; &nbsp;&nbsp; (AP) -- Drawing a bright line&nbsp; with congressional Republicans, President Barack Obama is proposing&nbsp; $1.5 trillion in new tax revenue as part of his long-term deficit&nbsp; reduction plan, according to senior administration officials.Key features of the proposal:&nbsp;-$1.5&nbsp; trillion in new revenue, which would include about $800 billion&nbsp; realized over 10 years from repealing the Bush-era tax rates for couples&nbsp; making more than $250,000. It also would place limits on deductions for&nbsp; wealthy filers and end certain corporate loopholes and subsidies for&nbsp; oil and gas companies.&nbsp;-$580 billion in cuts&nbsp; in mandatory benefit programs, including $248 billion in Medicare and&nbsp; $72 billion in Medicaid and other health programs. Other mandatory&nbsp; benefit programs include farm subsidies.&nbsp;-$430 billion in savings from lower interest payment on the national debt.&nbsp;By&nbsp; adding about $1 trillion in spending cuts already enacted by Congress&nbsp; and counting about $1 trillion in savings from the drawdown of military&nbsp; forces from Iraq and Afghanistan, the combined deficit reduction would&nbsp; total more than $4 trillion over 10 years, senior administration&nbsp; officials said.All in all, the&nbsp; president&#039;s plan is as much an opening bid as it is a political&nbsp; statement designed to draw contrasts with Republicans, who control the&nbsp; House of Representatives.&nbsp;As such, it was not&nbsp; intended as a compromise and did not include agreements Obama had&nbsp; reached with House Speaker John Boehner during failed deficit reduction&nbsp; negotiations this summer.The new taxes in particular have little or&nbsp; no chance of passing Congress as proposed. Republicans were already&nbsp; lining up against the president&#039;s tax proposal before they even knew the&nbsp; magnitude of what he intended to recommend.</blockquote>

[QUOTE="Babagounj, post: 880215, member: 12952"] WASHINGTON (AP) -- Drawing a bright line with congressional Republicans, President Barack Obama is proposing $1.5 trillion in new tax revenue as part of his long-term deficit reduction plan, according to senior administration officials. Key features of the proposal: -$1.5 trillion in new revenue, which would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies. -$580 billion in cuts in mandatory benefit programs, including $248 billion in Medicare and $72 billion in Medicaid and other health programs. Other mandatory benefit programs include farm subsidies. -$430 billion in savings from lower interest payment on the national debt. By adding about $1 trillion in spending cuts already enacted by Congress and counting about $1 trillion in savings from the drawdown of military forces from Iraq and Afghanistan, the combined deficit reduction would total more than $4 trillion over 10 years, senior administration officials said. All in all, the president's plan is as much an opening bid as it is a political statement designed to draw contrasts with Republicans, who control the House of Representatives. As such, it was not intended as a compromise and did not include agreements Obama had reached with House Speaker John Boehner during failed deficit reduction negotiations this summer. The new taxes in particular have little or no chance of passing Congress as proposed. Republicans were already lining up against the president's tax proposal before they even knew the magnitude of what he intended to recommend. [/QUOTE]

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