Obama will be unveiling his own deficit plan that consists of $3 trillion of deficit reduction. It is his own plan and it isn't a "compromise".
Jared Bernstein says it best about this Obama proposal:
"I think this is less 'Let's be the grownups in the room and start at the 50 yard line,' and more 'Let's start on our side of the field,'" said Jared Bernstein, former economic adviser to Vice President Joe Biden.
Update 1: Obama says that he will veto any legislation that cuts the deficit by spending cuts only and does not include revenue increases on the wealthy. WOW!
In laying out his proposal, aides said, Mr. Obama will expressly promise to veto any legislation that seeks to cut the deficit through spending cuts alone and does not include revenue increases in the form of tax increases on the wealthy.That veto threat will put the president on a direct collision course with the House speaker, John Boehner, who said last week that he would not support any legislation that included revenue increases in the form of higher taxes.
Update 2: A probably more accurate statement of the veto threat is from Politico.
The president will veto any plan that “takes one dime from the Medicare benefits seniors rely on without asking the wealthiest Americans and biggest corporations to pay their fair share,” an official said.
Update 3: Republicans are going to EXPLODE! I LOVE IT!!!!
