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The President’s Debt Cutting Plan All Set

U.S. Presiden Barack Obama is expected to settle differences with Republicans on Wednesday to draw out a plan regarding the country’s growing debt and some saving options. Some of these saving alternatives are possible tax increase and trimming costs in a couple of government programs such as Medicare.

Officials said on Monday this week that Obama will set a new deficit-reduction goal that will potentially benefits the country in the long run. This is a huge contradiction to the plans of Republicans to cut at least $5 trillion in the next ten years.

Specific details of the said plan are still confidential but is expected to reach public knowledge during Obama’s speech, Wednesday. The speech will serve as a declaration of the president’s commitment to push his long-term budget principles.

After the president’s direct avoidance of issues regarding his planned cuts on very important programs for the old and poor, he is now expected to acknowledge budget cuts on Medicaid and Medicare. However, the White House said that Obama also aims to increase tax collection from the wealthy.

While Obama makes his speech Wednesday at George Washington University, the Congress prepares for a feisty fight to increase the country’s debt limit. Republicans will use this to take out more discipline from the president and the rest of the Democrats.

Many speculate that the president’s speech will confirm his stand that he will never cut costs on education, infrastructure, research, innovation, and energy. Whatever the outcome of Wednesday’s speech is, the White House wants to make sure that people understand that this recent debate on this year’s budget is not the same with the much needed talk on the nation’s debt.

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