According to a report by The New York Times, the Obama Administration is prepared to agree to a total of $340 billion in cuts to entitlement programs over a ten year period if Republicans will agree to revenue increases.
Last week President Obama asked for $600 billion in revenue increases, which caused Republicans to walk out of the debt ceiling talks, because, hey, those poor rich people just can’t afford to give up things like favorable tax treatment for their corporate jets.
The proposed cuts would purportedly not increase costs to beneficiaries, instead, they would focus on reforming the inefficiency in the programs.
Administration officials and Republicans say the cuts would come from hospitals and nursing facilities and wouldn't directly add costs to beneficiaries or completely overhaul the programs.
Not to worry. Republicans are going to sink the ship with their refusal to burden poor rich people with increased taxes.
Count on it.
