US President Barack Obama said on Saturday his budget blueprint due to be unveiled next week will aim to reinvigorate America’s middle class while introducing reforms to curb the mushrooming deficits.
“Our top priority as a nation, and my top priority as president, must be doing everything we can to reignite the engine of America’s growth: a rising, thriving middle class,” Obama said in his weekly radio address. “That’s our North Star. That must drive every decision we make.”
The comments followed reports that in his budget proposal, Obama will make key concessions to Republicans by offering to cut some entitlement programs like the Social Security retirement program and Medicare, a health care plan for the elderly.
According to a senior administration official, the president’s fiscal blueprint will slash the deficit by $1.8 trillion over 10 years, in what the official described as a “compromise offer” that cuts federal spending, finds savings in Social Security and raises tax revenue from the wealthy.
While the annual budget deficit is projected at 5.5 percent of gross domestic product for the fiscal year ending in September, under the Obama budget, that would decline to 1.7 percent of GDP by 2023.
Combined with the $2.5 trillion in savings already achieved since negotiations in 2010, the Obama budget would bring total deficit reduction to $4.3 trillion over 10 years, slightly higher than the overall goal agreed to by both parties for stabilizing the national debt.
more here: http://www.rawstory.com/rs/2013/04/06/obama-says-budget-that-cuts-social-security-and-medicare-benefits-aims-to-reinvigorate-middle-class/