President: My Plan Equals $4T In Deficit Reduction

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 … Continue reading