1. Partisan

    GOP Blasts Obama Budget Plan

    WASHINGTON - DECEMBER 04:  U.S. House Minority Leader John Boehner (R-OH) speaks during a news conference December 4, 2009 on Capitol Hill in Washington, DC. Boehner spoke on the nation's economy and the unemployment situations.  (Photo by Alex Wong/Getty Images) *** Local Caption *** John Boehner

    Alex Wong

    Not so fast, Mr. President. A day after Barack Obama announced his plan to reduce the federal deficit by around $4 trillion over the next 12 years, Republicans are pushing back fiercely. The major sticking point: Obama’s plan to increase tax revenue by around $1 trillion by closing tax loopholes and eliminating breaks—although he says he wants to see the baseline tax rates actually go down. “Any plan that starts with job-destroying tax hikes is a non-starter,” said Speaker John Boehner. But some budget-hawk conservative economists say Obama’s plan actually doesn’t go far enough, and that he ought to consider raising taxes on the middle class, a move he has renounced citing a campaign promise.

    Read it at Bloomberg