The Daily Beast
By Zachary Karabell
Sept 19, 2011
UPDATE: At a press briefing at the White House Monday, President Obama formally announced a package revealed over the weekend to trim $3 trillion off the federal deficit over the next several years. Picking up on the theme of his recent jobs speech, Obama demanded that Congress move on the act immediately. “They should pass it right away. I’m ready to sign a bill,” the president said. Obama stressed the necessity of new revenue to solve the budget crisis, and said he would veto any bill that didn’t bring in new money. “We can’t cut our way out of this hole,” he said. The new proposal would establish a minimum tax rate on millionaires to avoid loopholes, and would make cuts to entitlements and Pentagon spending. Obama said the bill would cut $2 in government spending for every $1 in new revenue.
With the end of summer, the air is again humming with the dulcet tones of Washington partisan warfare. Soon, the “debt panel” will begin its deliberations on reducing the deficit, but President Obama has already fired the first salvo. He is calling for the introduction of a “Buffett Rule,” named in honor of Warren Buffett’s call for higher taxes on the very wealthy.