Obama’s opening bid to Republicans on the debt crisis is different than his idea of a few months ago.
President Obama’s opening bid to Republicans aimed at addressing the fiscal debt crisis is significantly different than the plan he was talking about a few months ago.
In September, Obama said he favored a spending cut/tax revenue ratio of 2.5 to 1. His new offer of $400 billion in spending reductions and $1.6 trillion in tax revenue changes the ratio, though the $400 billion figure does not include the savings that were passed in the Budget Control Act of 2011. Furthermore, it remains unclear how much “war savings” factor into the president’s plan and some details on the proposal have yet to emerge.