Obama Proposes $3 Trillion Deficit, Debt Plan

 　　Presenting his second major set of economic proposals in 10 days, President Barack Obama has unveiled a plan for more than $3 trillion in spending reductions over the next decade, saying all Americans, and specifically the wealthy, will be asked to share the burden of fixing the economy. Republicans already are criticizing the proposals.

　　In battles with Congress over deficit¹ and debt reduction and taxes, Obama has always stressed the need for balance in fixing the nation's fiscal² mess, and shared sacrifice while not harming the most vulnerable Americans.

　　Coming after his $447-billion jobs proposal, his recommendations to a joint³ congressional deficit reduction panel raise the stakes again in the political wrestling match with opposition⁴ Republicans.

　　The plan contains more than $3.2 trillion in deficit savings⁵ over the next decade, combining spending cuts with new tax revenue - including a new minimum tax on millionaires.

　　With the earlier $1 trillion in cuts from a difficult compromise with Republicans, this makes for $4.4 trillion, on the level of the so-called grand bargain that Obama advocated earlier this year, but Republicans ultimately rejected.

　　"It is a plan that reduces our debt by more than $4 trillion, and achieves these savings in a way that is fair, by asking everybody to do their part so that no one has to bear too much of the burden on their own," said the president.

　　Obama's plan takes aim at tax loopholes favoring the wealthy, and assumes an expiration⁶ of tax cuts approved by Congress under former Republican President George W. Bush. It also seeks broad tax reforms.

　　Ending certain tax breaks

　　Included are steps Republicans have resisted, such as eliminating tax breaks for oil and gas companies, ending tax advantages for highly-paid Wall Street fund managers, and eliminating benefits for those who own corporate⁷ jets.

　　It also envisions $1.1 trillion in savings from the drawdown of U.S. troops in Iraq and Afghanistan, $250 billion in other so-called mandatory⁸ programs, reducing government waste, and streamlining federal agencies.

　　Obama proposes more than $300 billion in savings from Medicare and Medicaid, the so-called "entitlement" programs burdening the economy, part of more than $500 billion in cuts to mandatory programs.

　　The president responded to Republican and conservative Tea Party critics who have accused him of conducting "class warfare⁹" by targeting the wealthy for tax increases.

　　He said he will reject anything that reduces benefits for those depending on major government health programs and Social Security, unless wealthy Americans and large companies are asked to pay more.

　　"I will not support any plan that puts all the burden for closing our deficit on ordinary Americans. And I will veto any bill that changes benefits for those who rely on Medicare, but does not raise serious revenues by asking the wealthiest Americans or the biggest corporations to pay their fair share," he said.

1 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

2 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

3 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

4 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

5 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

6 expiration   

n.终结，期满，呼气，呼出物

参考例句：

• Can I have your credit card number followed by the expiration date?能告诉我你的信用卡号码和它的到期日吗?
• This contract shall be terminated on the expiration date.劳动合同期满，即行终止。

7 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

8 mandatory   

adj.命令的；强制的；义务的；n.受托者

参考例句：

• It's mandatory to pay taxes.缴税是义务性的。
• There is no mandatory paid annual leave in the U.S.美国没有强制带薪年假。

9 warfare   

n.战争(状态)；斗争；冲突

参考例句：

• He addressed the audience on the subject of atomic warfare.他向听众演讲有关原子战争的问题。
• Their struggle consists mainly in peasant guerrilla warfare.他们的斗争主要是农民游击战。