President Obama's New Deficit-Reduction Plan

President Obama's New Deficit-Reduction Plan

President Obama calls for tax increases on the wealthy and cuts in entitlements spending. What's in the new deficit reduction plan and how it's being received.

President Obama unveiled a new long-term deficit reduction plan yesterday. It calls for new taxes on the wealthiest Americans. And it seeks to eliminate tax loopholes for the biggest corporations. The president said it will cut the deficit by more than $3 trillion over the next decade. Republicans - opposed to any new taxes - immediately attacked the proposal. Analysts say the president's sharply drawn battle lines could make it harder for the congressional super-committee. The bipartisan group is tasked with reaching a deficit-cutting deal by Thanksgiving. Diane and her guests will talk about what's in the plan and how it's being received in Congress and the country.

Guests

Norman Ornstein

resident scholar at the American Enterprise Institute and coauthor of "The Broken Branch: How Congress Is Failing America and How to Get It Back on Track."

Isabel Sawhill

senior fellow, Economic Studies, The Brookings Institution.

Naftali Bendavid

national correspondent, The Wall Street Journal.

Congressman Phil Gingrey

Republican, 11th District, Georgia.

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