By Peter Schroeder - 09/19/11 03:37 PM EDT
President Obama rolled out his recommendations for the supercommittee Monday morning from the White House Rose Garden.
His plan would cut the deficit by $3 trillion, and also would reform the tax code. About half a trillion dollars in savings would come from changes to Medicare and Medicaid. More than a trillion in revenue would be raised by allowing tax cuts for the nation's top earners to expire at the end of the year, as well as limiting tax deductions for taxpayers making more than $250,000 a year. The president is also calling for more tax loopholes and specialized tax breaks to be trimmed from the code.
The supercommittee is charged with finding at least $1.2 trillion in deficit cuts by Thanksgiving.