Obama Proposes Lesser Inflation on Social Security, Other Gov’t Programs
December 18, 2012
Washington – President Barack Obama recently laid down a new proposal that aims to adopt a lesser inflation measure to Social Security and other government programs, reports said.
The news came following a 45-minute closed-door meeting between the President and House Speaker John Boehner held at the White House Monday.
Reports revealed that under Obama’s plan, taxes will be raised on those who earn more than $400,000.00, a higher income level than the previous $250,000.00, which he initially demanded.
In addition, it will also reduce the amount of new taxes from $1.4 trillion down to $1.2 trillion in the next 10 years.
Such move puts the President and Boehner much nearer to a compromise deal regarding the increase on the taxes and spending cuts, administration officials and House Republicans conceded. Such eventuality is seen as a way to avert the threat of a fiscal cliff, which could push the country to another recession.
Meanwhile, health care spending will be reduced by at least one quarter of all total spending cuts under Obama’s proposal. The same will also increase debt limit for two years.
However, some of the details have yet to meet the deadline, which is set at the end of the year, reports added.
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