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.
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