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Obama Doubles Revenue Target to Another $1.6 Trillion

President Barack Obama will begin budget negotiations with congressional leaders Friday by calling for $1.6 trillion in additional tax revenue over the next decade, far more than Republicans are likely to accept and double the $800 billion discussed in talks with GOP leaders during the summer of 2011.

Mr. Obama, in a meeting Tuesday with union leaders and other liberal activists, also pledged to hang tough in seeking tax increases on wealthy Americans. In one sign of conciliation, he made no specific commitment to leave unscathed domestic programs such as Medicare, leaving the door open to spending cuts many fellow Democrats oppose.

Source: Wall Street Journal. Read full article. (link)

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  • Jerryskids||

    $160 billion more per year? Couple that with the decrease in the rate of increase in spending and we'll have that pesky trillion dollar plus deficit knocked out in no time.

    Well, we will have to spend more on Social Security and healthcare and infrastructure and the upcoming war with Iran in the near term, but just as soon as those things are taken care of we'll quit spending so damn much money we don't have.

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