President Obama’s deficit reduction plan

Can’t get much more concise than Brad DeLong:

  • Restore high-bracket tax rates to Clinton-era levels: $1T
  • Cut tax-expenditure spending through the tax code: $1T
  • Cut health care spending: $0.5T
  • Cut other mandatory spending by: $0.4T
  • Cut security spending: $0.4T
  • Cut non-security discretionary spending: $0.8T
  • Those reductions will carry with them a reduction in net interest of: $1.2T

That adds up to $5.3 trillion over twelve years. I’m sure more details will be forthcoming.

 

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