Obama offers to cut Social Security, Medicare as part of deal

[Bad_Daddy 2,209]

http://news.yahoo.com/obama-puts-medicare-social-security-cuts-table-031442907.html

The Daily Caller – 1 hr 3 mins ago

Obama puts Medicare, Social Security cuts on the table

The Obama administration, in seeking $4 trillion in spending cuts in a debt limit deal, has put major changes to Social Security and Medicare on the table if Republicans agree to increased tax revenues.

The offer caters to both sides in the debt limit negotiations and according to the Washington Post, President Obama will urge congressional leaders on Thursday to seize the opportunity to act. The compromise, however, still puts both Republicans and Democrats in tough spots.

Democrats have vowed to protect Medicare and Social Security, while Republicans still argue that tax increases are not realistic legislative proposals. If leadership from both parties agree to the Obama’s compromise, the next move will be to sell the plan to their respective bases and to members of Congress.

But Thursday’s meetings at the White House will reveal just how many concessions each party is willing to make.

The president has reportedly already privately discussed his plan with Speaker of the House John Boehner. Michael Steel, spokesperson for Boehner, though, told the Washington Post “there are no tax increases on the table.”

But House Majority Leader Eric Cantor, however, signaled Wednesday that he may be flexible on ending certain loopholes in the tax code. (Obama recognizes mistakes in Twitter town hall)

Treasury Secretary Timothy Geithner has warned that if the debt limit is not raised by August 2, the United States will default on its debt.

[Usui Takumi 1,562]

Yeah I'm not seeing a lot of compromise from a particular party here.

[Bad_Daddy 2,209]

Yeah I'm not seeing a lot of compromise from a particular party here.

You know we live in a brain dead country when there's talk about cutting Soc. Sec. yet not any word about getting us out of two bs wars ASAP! Trillions of dollars going for those wars and not even a hoot from the public. It's like this country had a major lobotomy or something.

[Brother Hesekiel 2,236]

Never thought I would agree with you on anything, but here you stated the obvious:

Yes, stop the spending on the war machine, double every soldier's pay but keep them close to the Mexican border instead of the Afghan or Pakistan or Iran border and save not Millions, not Billions, but Trillions of Dollars. The only losers here would be Halliburton, Blackwater, and Co. while the American people could enjoy a much better health care system, better retirement benefits, better and more affordable education, and an improved infrastructure that would not require a 4 x 4 when driving on a pot-hole-destroyed main road.

[mawilson 2,133]

The super-cautious CBO baseline predicts the US government will add an additional

$6.8 trillion in debt over the next decade, so $4 trillion in spending cuts still

means the debt will increase by almost $3 trillion.

[Mr. Big Dog 10,747]

The super-cautious CBO baseline predicts the US government will add an additional $6.8 trillion in debt over the next decade, so $4 trillion in spending cuts still means the debt will increase by almost $3 trillion.

That would be a heck of a lot better than $7 trillion. Cutting the deficit by more than half would be a respectable outcome. What's more important than the next decade really is what any deal would bring in the decades thereafter. The long term deficit is what needs to be addressed. Cuts over the next year or two will be relatively irrelevant. We'd actually be well advised to make major investments over the next few years to gain a better standing in terms of national infrastructure where we now rank 23 in the world with a falling tendency. Making such investments would better our competitive position in the global economy and create jobs right here at home - both of these effects would bring money back into the treasury. Neither the US nor any other country in the world has ever cut itself to greatness.

Edited July 8, 2011 by Mr. Big Dog