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.
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