• 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.