US President Barack Obama has unveiled a new plan to reduce the country’s yawning deficit by more than USD 3 trillion over the next decade, Press TV reported.
Some USD 1.5 trillion is expected to be raised through an increase in taxes for the wealthy and corporations.
“We can’t just cut our way out of this hole… It’s only right that we ask everyone to pay their fair share,” Obama said during his speech broadcast from the White House on Monday.
Another USD 580 billion is to be collected through reductions in entitlement programs such as Medicare and Medicaid.
Obama went on to explain that the country’s ailing economy can no longer afford the special tax rates for the wealthy, adding that “this is not class warfare, it is math.”
He further called on both Republicans and Democrats in Congress to pass the bill without delay.
Republicans have opposed any tax increases and argue that any measure resembling tax hikes will hurt the country’s struggling economy. They have called for wider spending cuts, as the main solution to halting the nation’s growing debt.
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