From the FINANCIAL TIMES:
…In a speech on Wednesday, the US president proposed cutting $4,000bn from deficits in the next 12 years, shrinking discretionary spending and the defence budget, and reducing government outlays to Medicare and Medicaid, the largest federal healthcare programmes.
The target is roughly in line with the $4,400bn in deficit reduction over a decade that Republicans in House of Representatives proposed last week and the $3,900 in cuts by 2020 recommended by the bipartisan fiscal commission in December.
But the White House plan assumes a three-to-one ratio of spending cuts to tax increases, whereas House Republicans are proposing no new revenues…
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