President Obama says he’s offering $4 trillion in federal deficit reduction as part of his solution to avert the coming federal budget cuts known as the sequester, including more than $2.5 trillion he’s already signed into law.
“I’ve laid out a plan that details how we can pay down our deficit in a way that’s balanced & responsible,” the president says via an official White House tweet.
Set to kick in Friday, the sequester is a “doomsday device” enacted as part of the budget deal in 2011. The president warned in his recent State of the Union speech of dire consequences if the sequester was allowed to take effect, however. The sequester could lead to widespread layoffs and other economic woes. Democrats and Republicans are jousting over competing plans to avert the sequester.
In a campaign-style stop in Virginia, Obama decried the sequester.
“These cuts are wrong. They’re not smart. They’re not fair. They’re a self inflicted wound that doesn’t have to happen,” he says.
In addition to some targeted budget cuts, the president and Democrats also would raise $580 billion in revenue from tax changes which would force the wealthiest Americans to pay additional taxes. Republicans are resisting such tax increases.