The president on Monday will announce a proposal that includes repeal of Bush-era tax cuts for the wealthiest taxpayers, nearly $250 billion in reductions in Medicare spending, $330 billion in cuts in other mandatory benefit programs, and savings of $1 trillion from the withdrawal of troops from Iraq and Afghanistan, the officials said.

The plan includes no changes in Social Security and does not include an increase in the Medicare eligibility age, which the president had considered this summer.

The officials briefed reporters Sunday evening, but spoke on the condition of anonymity in advance of the president’s announcement.

This $1.5 trillion in new revenue would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies.

Continue reading →