DCDecoder: President Obama has proposed a plan to avoid the much-loathed “sequester” that’s scheduled to kick in Friday, imposing significant spending cuts on most programs in the federal government.That's the only question? Uh, as crazy Uncle Joe might say, "In a word: Hell No!" This is no where near his magical goal of $4 trillion over ten years.
His plan is to replace the sequester's $1.2 trillion in across-the-board cuts over the next 10 years with targeted cuts and tax reforms that would cut the deficit by $1.5 trillion over the same period. The White House summarized the details of his plan to get to that $1.5 trillion number earlier this month.
Whether his plan is politically feasible is one thing – Republicans would have to swallow his proposal to close some tax loopholes for wealthy households. But increasingly there are questions about the economics of his plan, too.
Is $1.5 trillion enough?
McConnell and Boehner had already agreed with Reid and Obama on the sequester...now let it stand! If these guys act like they want to legislate at this point, and in turn, go with anything new that Obama comes up with (which will inevitably mean more taxes, less cuts), then they might as well break out the dunce caps now...as well as the plunger to finish flushing the party down the drain.
Congressional leaders meet with Obama tomorrow...behind closed doors.