President Barack Obama introduced his deficit plan to Congress on September, 21. The plan would work through the decade to decrease $3 trillion of the national budget, with an added $1 trillion in decreasing the national defense budget.
Obama who usually takes a bipartisan approach, took his biggest step in establishing a plan for the economic crisis. Coupled with his earlier jobs plan, Obama has left the majority of Republican legislatures in a furious frenzy.
“This is very sad and very unfortunate,” Rep. Paul Ryan (R., WI.) said to The Huffington Post, a leading voice on the GOP’s deficit-cutting plan. “Rather than building bridges, he’s poisoning wells.”
The plan includes about 50% of tax increases officially taking away Bush tax cuts for people that make less than $250,000 a year. The rest includes spending cuts in multiple government expediters, not including medicare, or social security, which is a main attack from Republicans on Obama’s economic theory.
“Pitting one group of Americans against another is not leadership,” Rep. John Boehner (R., OH.) said to the Huffington Post on the Presidential plan that he believes to be an attack on Republican politics.
Democrats keep stiff stance on how to reform the economic position, stating that “revenues must come somewhere”, holding true to the idea that raising taxes will help bring revenue to the government.
“To meet our fiscal challenge, we will need to make reforms,” President Obama said during his speech in Washington. “We will all need to make sacrifices. But we do not have to sacrifice the America we believe in.”
With the upcoming election Obama needs take his stance on economic reform while still winning voters. Currently, Obama’s approval rating is 40% only 2% better than his lowest approval rating(according to Gallup Polls0, and shows Obama slipping in the presidential race.
“The only way to get our economy moving again is to elect a president who understands how to create jobs and rein in spending – that is why I am running” Gov. Mitt Romney said on according to Fox News in regard to the deficit plan.