President Obama will this morning outline his revised plan to reduce the nation’s debt by more than $2 trillion in the next 10 years, including $1.5 trillion through new taxes for high-end earners and means testing Medicare for wealthy recipients.
The president’s recommendations for the congressional super-committee, already tasked with identifying $1.5 trillion in cuts by Thanksgiving, are an attempt to quell criticisms that he has failed to offer a detailed vision for deficit-reduction. While the proposal is likely to please his Democratic base, the president is seeking to draw contrasts with Republicans and force them to align with corporations and the wealthy.
In total, the president’s plan will claim more than $4 trillion in total deficit reduction by including savings from the Budget Control Act and drawing down the wars in Iraq and Afghanistan.
The president and first lady will travel to New York City later today for the United Nations General Assembly. President Obama will meet with world leaders in the next two days and deliver his address to the General Assembly Wednesday.
The festivities start today with a meet-and-greet at the U.S. Mission to the United Nations. The president will attend a DNC fundraiser this evening at a private residence in New York City.