White House: Obama plan would cut deficit by $1.5 trillion

02/17/2013 | Bloomberg Businessweek

President Barack Obama has a plan that would shrink the deficit by $1.5 trillion by making spending cuts and raising new revenue, the White House says, making across-the-board sequestration cuts unnecessary. White House Chief of Staff Denis McDonough announced the plan during media appearances Sunday. Republican lawmakers say the president hasn't released details about what spending cuts he would make and reject proposals that rely on new revenue to solve the deficit.

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