Take 2: New Obama Deficit Plan

White House: Obama to Propose New Plan to Reduce Long-Term Deficits

White House senior adviser David Plouffe said Sunday that President Obama plans to outline a new proposal for bringing down the federal deficit this week.

The announcement comes shortly after the White House reached a deal with Congress to fund the government for the rest of the fiscal year, and ahead of two other spending battles. Republicans are pushing for trillions in additional spending cuts over the next decade as part of their 2012 budget proposal and are threatening to torpedo a vote to raise the debt ceiling unless their spending-cut demands are met.

Plouffe, who served as Obama’s campaign manager in 2008, told “Fox News Sunday” that Obama wants to take a “balanced approach” to these issues and will lay out his proposal this week. The Obama plan, a follow-up to an earlier White House budget outline, would effectively serve as a counterproposal to the 10-year plan unveiled last week by Rep. Paul Ryan, R-Wis. — a plan that aims to reduce the deficit by $4.4 trillion in that period through spending cuts and entitlement reforms.



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