Obama in radio address: we’re “more than halfway towards” stabilizing our debt. Well, I guess nothing’s more stable than rock bottom. #tcot
— Fred Thompson (@fredthompson) February 13, 2013
Here’s the report from the Washington Post:
When President Obama delivers his State of the Union address Tuesday evening, hereâ€™s one thing you wonâ€™t hear: an ambitious new plan to rein in the national debt.
In recent weeks, the White House has pressed the message that, if policymakers can agree on a strategy for replacing across-the-board spending cuts set to hit next month, Obama will pretty much have achieved what he has called â€œour ultimate goalâ€ of halting the rapid rise in government borrowing.
â€œOver the last few years, Democrats and Republicans have come together and cut our deficit [over the next decade] by more than $2.5 trillion through a balanced mix of spending cuts and higher tax rates for the wealthiest Americans,â€ Obama said during his weekend radio address. â€œThatâ€™s more than halfway towards the $4 trillion in deficit reduction that economists and elected officials from both parties say we need to stabilize our debt.â€
By the administrationâ€™s math, Washington needs to enact only $1.5 trillion more in 10-year savings to hit the $4 trillion target, White House economic adviser Jason Furman told reporters last week. At $1.2 trillion, the automatic cuts, known as the sequester, quite nearly fit the bill.