U.S. President Barack Obama is proposing a bolder package to slash spending
and increase some tax revenue in an effort to break the political impasse over
America's growing debt.White House and congressional aides say Mr. Obama will
propose doubling the amount of money trimmed from the country's budget deficit
to $4 trillion when he meets with Congressional leaders Thursday.
They say the new package will include significant cuts to Social Security
and Medicare - two of the country's biggest social safety nets. It would also
call for increasing tax collections from large corporations and letting tax cuts
expire for the wealthiest households.Talks between the White House and
Republican leaders in Congress fell apart two weeks ago, when they failed to
agree over a package that would have reduced the country's budget deficits by
about $2 trillion over the next ten years.