Obama'S Plan To Cut Down The New &Nbsp Will Increase Taxes By 1 Trillion And 500 Billion US Dollars In 10 Years.

2011/9/20 9:11:00 30

USA president

Obama

On the 19 day, the new deficit reduction plan was announced, including an increase of 1 trillion and 500 billion dollars in tax revenue in the next 10 years, reduction of defense expenditure and reform of the social security system.

In a speech at the White House on the same day, Obama called on the two parties of Congress to take up responsibilities to solve the debt challenge of the United States.

He said: "this will be the largest cost reduction in the history of the United States, and everyone must pay a fair share, including the rich and the big ones."

According to data released by the White House, Obama's new plan will reduce the deficit of about $4 trillion and 400 billion.

In addition to a tax increase of $1 trillion and 500 billion, the scheme also includes $1 trillion and 200 billion in unconditional spending cuts, and cuts $1 trillion and 100 billion in expenditure through the withdrawal of troops from Afghanistan and the shift to Iraq.

At the same time, the scheme also proposed a reduction of $580 billion in social welfare programs including medical insurance.

However, Obama stressed that although

reform

Social security system, but will not abandon fundamental basic system.

The White House expects

deficit

After the reduction target is achieved, the US government deficit will account for GDP from 9% to 2.3% in 2021.

However, because Republicans have been opposed to adopting a similar way of raising taxes to reduce the deficit, Obama's new deficit reduction plan is considered unlikely to be passed in the US Congress.