(WASHINGTONPOST) — One thing you won’t hear when President Obama delivers his State of the Union address Tuesday: An ambitious new plan to rein in the debt.
In recent days, 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, the president will pretty much have achieved his debt-reduction goals.
“Over 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. That’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,” Obama said during his weekend radio address.
By the administration’s math, Washington needs to enact only another $1.5 trillion 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.