Obama Lays Out Plan to Cut $4 Trillion

In a speech that offered a vigorous defense of liberal values and of traditional entitlement programs, President Obama laid out his vision for a plan that would cut $4 trillion from the deficit over the next 12 years or less. But he said the government must continue to keep its promises under Medicare and Medicaid. Obama also called for tax increases on the wealthiest Americans, saying they could afford it and blasted Rep. Paul Ryan’s plan for cutting taxes for them. Obama began his address, which was delivered at George Washington University, with an explanation of the budget, saying that discretionary spending was too small to make much difference in the budget, and saying that all spending—including defense—needed to be on the table. “I know that if we can come together, and uphold our responsibilities to one another and to this larger enterprise that is America, we will keep the dream of our founding alive in our time, and pass on to our children the country we believe in,” he said.