It's Math-- President Obama's Deficit Plan

Statement

On Monday, September 19, 2011, President Barack Obama presented his deficit reduction plan to the nation. This plan will achieve approximately $4.4 trillion in deficit reduction while accounting for the net cost of the American Jobs Act. President Obama ensured that this plan, far from being a drain on the Federal budget, would include necessary revenue creations. If passed into law, the legislation calls on the Deficit Reduction Super Committee to actively address tax reform by cutting tax loopholes and implement what has become known as the "Buffett Rule." This standard, coined in part by Warren Buffet referencing his Op Ed in the New York Times, suggests that people making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay due to the current structure of taxation surrounding capital gains. House Republicans have called this provision "class warfare."

I argue that the GOP currently engages in egregious "class warfare," with the continuing degradation of the poor and the working middle class through the Republican lead erosion of a social safety net. This legislation clearly provides a path to greater tax equity in our nation. The President's plan would also protect Social Security benefits, a critical social safety-net program for our seniors that some of my Republican colleagues would be happy to do away with. I will continue to work with my colleagues to protect such imperative programs as we work to create jobs in this nation.

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