US President Obama is pushing congress to consider a far-reaching debt-reduction plan that would force Democrats to get hip to major Social Security and Medicare changes in exchange for Republican support of fresh tax revenue.
Obama argues that a rare consensus is rearing its ugly head concerning the size and scope of the America’s budget woes and that now is the time for policymakers to implement changes.
Obama is proposing reductions in Medicare spending and looking to curb the rising cost of Social Security. Democratic lawmakers who have vowed to protect health and retirement benefits from the war on government spending are at odds with a slight diplomatic flip-flop by the prezo.
Instead of $2 trillion in savings, the White House is now seeking a plan to slash more than $4 trillion from annual budget deficits over the next ten years. But last week President Barack Obama and House Majority Leader Eric Cantor, the Virginian Republican got nowhere during their session to exchange ideas.
At the fifth straight day of talks, Cantor recounted that Obama stormed out of the room, ending the two-hour discussion. He was pissed about Cantor’s insistent push for a short-term resolution.
Obama said, off the record:
“Eric, don’t call my bluff. I’m going to the American people on this…This process is confirming what the American people think is the worst about Washington: that everyone is more interested in posturing, political positioning, and protecting their base, than in resolving real problems.”
Cantor told reporters:
“I know why he lost his temper. He’s frustrated. We’re all frustrated…”