Obama to Unveil Jobs and Deficit Reduction Package
President Obama plans to give a policy speech in September to unveil his plans for encouraging more job creation and cutting the deficit,
The speech will include tax cuts and proposals for reducing the deficit by more than the $1.5 trillion over 10 years that the House-Senate panel is charged to come up with, according to media reports.
Obama’s proposal will likely irk Republicans because he has said any meaningful deficit reduction package must include tax increases, which GOP congressmen have said is a nonstarter.
Obama is on the final day of his tour of the Midwest where he has been listening to the concerns of voters and discussing his administration’s efforts to jumpstart the economy. But he hasn’t unveiled any new ideas during his trip through Minnesota, Iowa and Illinois.
A House-Senate “super committee”, made up of an equal number of Democrats and Republicans from both chambers, has until mid-November to come up with recommendations for cutting the deficit.
The proposal must be voted on with an up or down vote and cannot be amended. If the panel can’t agree on proposals then there are cuts that are automatically set to take effect.