President Obama plans to give a policy speech in September tounveil his plans for encouraging more job creation and cutting thedeficit,
|The speech will include tax cuts and proposals for reducing thedeficit by more than the $1.5 trillion over 10 years that theHouse-Senate panel is charged to come up with, according to mediareports.
|Obama's proposal will likely irk Republicans because he has saidany meaningful deficit reduction package must include taxincreases, which GOP congressmen have said is a nonstarter.
|Obama is on the final day of his tour of the Midwest where hehas been listening to the concerns of voters and discussing hisadministration's efforts to jumpstart the economy. But he hasn'tunveiled any new ideas during his trip through Minnesota, Iowa andIllinois.
|A House-Senate “super committee”, made up of an equal number ofDemocrats and Republicans from both chambers, has untilmid-November to come up with recommendations for cutting thedeficit.
|The proposal must be voted on with an up or down vote and cannotbe amended. If the panel can't agree on proposals then there arecuts that are automatically set to take effect.
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