President Obama on Monday will unveil a plan to tame the nation’s rocketing federal debt that will draw a sharp contrast with the Republican vision and amount more to an opening play in the fall’s debate over the economy than another attempt at finding common ground with the opposing party.In other words, he doesn't plan to do anything about the real spending problems that will eventually bankrupt the country.
The president will propose $1.5 trillion in new taxes as part of a plan to find at least $3 trillion in budget savings over a decade, according to a person familiar with the matter. Combined with his call earlier this month for $450 billion in new stimulus, the proposal represents a more populist approach to confronting the nation’s economic travails than the compromises he advocated this summer.
Obama will propose new taxes on the wealthy and a special new tax for millionaires, according to White House officials. But he won’t call for any changes in Social Security, officials say, and may seek less-aggressive changes to Medicare and Medicaid than previously considered. In particular, people familiar with the matter say he is unlikely to call for an increase in the Medicare eligibility age from 65 to 67.
They're calling this the "Buffett Plan" because Warren Buffett wants his taxes raised, but I think a more appropriate title is the "Muppet Plan", because some socialist is apparently elbow-deep up Obama's rear and making his mouth say stupid things.
At least Muppets are funny.