Obama Embraces Debt Commission Ideas, Shuns Ryan’s Medicare Plan
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President Barack Obama embraced proposals by leaders of his debt-cutting commission while shunning Republicans’ plan to privatize Medicare and opening a debate over a tax overhaul and spending reductions.
The deficit-reduction proposal Obama presented yesterday is similar to the mix of spending cuts and tax increases offered last year by the chairmen of his bipartisan fiscal commission. It contrasts with a Republican plan, announced earlier this month by House Budget Committee Chairman Paul Ryan, that would cut $6 trillion from programs including Medicaid, Medicare, food stamps and education while reducing top income-tax rates.