Obama to outline deficit reduction plan, cut entitlement programs

Chris Moody | Contributor

President Obama will unveil a long-term deficit reduction plan this week that includes cuts to entitlements like Medicare and Medicaid and raises taxes, White House Senior Advisor David Plouffe said Sunday.

“The president later this week is going to lay out in detail his approach to the deficit reduction going forward,” Plouffe said on ABC’s ‘This Week.’

Although he didn’t provide specific details about what the president plans to propose, he said Obama was open to changing the nation’s entitlement programs.

“Obviously you’ve got to look everywhere,” he said on CNN’s “State of the Union.” “Every corner of the federal government has to be looked at here.”

That includes reforming Social Security, he said, which some Democratic leaders in the House and Senate have vowed to block.

House Budget Chairman Rep. Paul Ryan unveiled a Republican deficit-reduction plan earlier this month that would cut $6.2 trillion over ten years and is estimated to reduce the deficit by $4.4 trillion more than the budget Obama proposed in February.

Plouffe said that while the Republican plan could pass the House, it would never make it through the Democratic-controlled Senate.

“It’s not going to become law,” Plouffe said.

The president will outline his new plan in a speech Wednesday.

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