[cjOTw7ov]

LA Times: http://www.latimes.com/news/nationwo...ge=2&track=rss

President Obama vigorously defended government's responsibility for the nation's most vulnerable citizens and castigated Republican plans to "end Medicare as we know it" as he moved to shape the burgeoning national debate over the federal deficit with his own mix of tax increases and spending cuts.

Hitting themes likely to figure prominently in his reelection campaign, Obama cast the debate with the Republicans in a moral framework. The GOP plan unveiled last week by Rep. Paul Ryan (R-Wis.) offered a "deeply pessimistic" vision of the country that would fundamentally change the nation's social compact, he said. It would tell seniors and the poor, "tough luck — you're on your own."

While Ryan's approach would achieve its savings exclusively through deep cuts in the scope of government, Obama said he would narrow the deficit by closing tax loopholes and raising taxes on upper income Americans. Obama also wants to cut more deeply into military spending and would aim to hold down the cost of healthcare programs.

...

To achieve the $4 trillion in deficit reductions, Obama would raise revenues by $1 trillion; cut $2 trillion in spending; and avoid $1 trillion in debt payments.

Obama wants to cut $400 billion from national security spending over 10 years. Defense Secretary Robert M. Gates' staff said the secretary learned about that goal only on Tuesday.

Should the deficit reduction efforts miss their targets, Obama would step up the pace through a "debt fail-safe" mechanism that would be designed to trigger across-the-board spending cuts.

...

The administration is also calling for the federal government to pressure drug companies to lower their prices for government healthcare programs, a move likely to be contested by pharmaceutical companies.

[MARMELADINA]

Pres. Obama grew a set. Republicans grew immediately apoplectic.

In other news, Mitt Romney and Rick Santorum threw in the towel. The Donald fired himself and Mike Huckabee announced he will be quiting politics to tour with an REO Speedwagon tribute band. Sarah Palin was unavailable for comment as she is caribou helicopter hunting somewhere near Russia. Michele Bachmann announced she would be forming a committee to explore the meaning behind the Twitter phenomenon #NotIntendedToBeAFactualStatement. Nobody cared about Tim Pawlenty or Ron Paul.

[Everwondopedo]

Pres. Obama grew a set. Republicans grew immediately apoplectic.

And boy, did they.

TPM: http://tpmdc.talkingpointsmemo.com/2...al-grounds.php

House Republicans recoiled Wednesday evening from President Obama's speech on America's budget woes. After spending most of the week pre-empting the address, and rejecting its expected calls for tax increases on wealthy Americans, Republicans endured a broad and severe critique of their vision for the country.

Their responses thus edged beyond substance into the realm of personal grievance. Indeed, they implied that the speech may have poisoned the well so much that working together where common ground exists might now be impossible. Translation: Waaaaaahhhhhh! We've been saying mean stuff to him and now he said mean stuff back, and it hurt our feelings. Waaaaaahhhhhh!

[domeffire]

http://www.moonbattery.com/obama-budget-plan.jpg

Did ya see where he calls tax increases "spending reductions"? He calls spending "investing". So is a tax increase a reduction in investing or an increase in investment??? I'm confused.

He needs to go, America. Send him back to unicornland in 2012.

[viepedorlella]

Did ya see where he calls tax increases "spending reductions"? He calls spending "investing". So is a tax increase a reduction in investing or an increase in investment??? I'm confused.

I know you're confused. Most Republicans are. They don't get the idea that less money coming in adds to the debt and the deficit. Let me explain.

This was the quote, "The fourth step in our approach is to reduce spending in the tax code, so-called tax expenditures. In December, I agreed to extend the tax cuts for the wealthiest Americans because it was the only way I could prevent a tax hike on middle-class Americans. But we cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can’t afford it. And I refuse to renew them again."

Let's say when you pay your bills every month ($5,000) you still owe $1000 when you're finished. Then you decide to work part-time and cut your income by $1000. You've just added another $1000 worth of debt to your monthly budget, more "expenditures," maybe in higher credit card interest and long-term compounding loan interest.

To reduce that debt, you need to add more money, so you cut back on something else or you get another part-time job worth $250 a month or more to help reduce that monthly deficit. If you are living each month on borrowed money (an expenditure) and you cut your income, the expenditures grow.