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Reaction to Obama's Speech is Quick & Critical


This morning, President Obama unveiled a plan to cut the national debt by about $3-trillion over the next decade. The plan is somewhat different from the plan he was trying to broker with the legislature over the past summer.  Financial analyst Troy Reinhart with Northwest Quadrant Wealth Management doesn't believe the plan is feasible. "When I listens to the speech today; he's our President and I respect him as our President. But it sounded very much like a campaign speech and it's probably one of those goal posts that sets out there that will be debated upon further and further. But as an intact plan that's going to get passed, it probably isn't going to get passed through the Democratically controlled Senate and certainly not through the Republican held House." Reinhart says in reality it calls for tax increases for the wealthy, and that is not a popular proposal with the republicans. He believes its a very short sighted plan and not sustainable in the long term. Obama's plan calls for $580 billion in mandatory spending cuts and $1.5 trillion in tax revenue.   $800 billion would be realized by letting the Bush era tax cuts expire for high income households. Another $400 billion would result from capping itemized deductions for high income households.

 

 

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