President Obama will announce a deficit reduction plan that will reduce government spending by $3 trillion through cutting entitlements, tax increases, and war savings. The plan is the White House’s opening offer to the Congressional “super committee,” which has until Dec. 23 to reach a deal on deficit reduction. GOP lawmakers have already labeled the proposed tax hikes “class warfare,” particularly the so-called “Buffet Rule” – a minimum tax rate on those earning more than $1 million per year named for billionaire Warren Buffett. Takeaway Washington correspondent Todd Zwillich and Sylvia Nasar, economist and author of “Grand Pursuit: The Story of Economic Genius,” analyze the policy and politics behind the White House’s plan.
Every day, reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you. We need your support to ensure we can continue this work for another year.
Make a gift today, and you’ll help us unlock a matching gift of $67,000!