Obama’s To Unveil Debt Reduction Plan

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It’s pretty basic. Increase revenues and lower expenditures.

Here’s more from NY Times:

In his remarks, which come after Friday’s bipartisan deal to cut domestic spending by about $38 billion for the remainder of this budget year, Mr. Obama will not offer details but will set deficit-cutting goals, White House officials said. The numbers were still under discussion on Sunday.

“He’ll lay out his approach this week in terms of the scale of debt reduction he thinks the country needs so we can grow economically and win the future — a balanced approach,” David Plouffe, the senior White House political strategist, said on “Fox News Sunday,” one of four talk shows on which he appeared Sunday.

“Obviously, we need to look at all corners of government,” Mr. Plouffe said, adding, “We’re going to have a big debate.”

What are Republicans saying?

Republicans reacted skeptically to word of Mr. Obama’s speech. “I sit here and I listen to David Plouffe talk about, you know, their commitment to cut spending and knowing full well that for the last two months we’ve had to bring this president kicking and screaming to the table to cut spending,” Representative Eric Cantor of Virginia, the House majority leader, said on Fox.

This even though Obama has said he wants to cut spending…but just doesn’t want to do that during one of the worst recessions in history. Oh well, par for course with the Repubs.

If something substantive comes out of this, will Obama get credit for tackling yet another tough issue? Probably not. Republicans have no reason to cooperate with him and ever reason to keep saying no to nearly everything this President proposes.

We shall see…