President Obama to Present Deficit-Reduction Plan Wednesday
Yesterday, White House senior adviser David Plouffe appeared on several Sunday talk shows announcing that President Obama would be presenting his own deficit reduction plan this week. Specific aspects of the President's plan are still unknown, as is the level of detail it will include. However Mr. Plouffe did say that taxes would have to be part of the equation as well as reduced spending on entitlement programs, and that the President is looking for savings in "all corners of government."
The announcement comes two days after a late-night deal was reached between leaders in both parties on spending levels for the current fiscal year, narrowly avoiding a government shutdown. It also comes after weeks of criticism that President Obama and the White House have failed to lead on critical budget issues.
We'll be keeping a close eye on developments related to President Obama's upcoming proposal, so make sure to check back with The Bottom Line for updates throughout the week.