President Obama plan: Blame others, raise taxes
Sequestration, the name given to automatic budget cuts set to begin March 1, was the brainchild of the Obama administration back in 2011 when a deal was being sought to raise the debt ceiling. Now President Barack Obama is blaming Republicans in Congress for the fact the sequester may actually occur.
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Obama touched on this during his State of the Union speech. He was at it again Tuesday, telling those assembled that if the sequester occurs, “people will lose their jobs.” No kidding!
Under the sequester, the government would have to cut $1.2 trillion over the next 10 years. The military would absorb more cuts than any other federal department. This would take a significant toll here in Oklahoma, home to three Air Force bases, an Army fort and an ammunition plant. Job losses and furloughs would be plentiful.
Obama on Tuesday said he has proposed a “balanced” approach to deficit reduction — that is, more taxes on the rich. A plan by Democrats in the House and Senate, he said, seeks such balance by ensuring “that billionaires can't pay a lower tax rate than their secretaries.”
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