President Obama wants to replace the sequester with a package of spending cuts and tax revenues adding up to $1.5 trillion over 10 years. But some say that's not enough savings.
President Obama has proposed a plan to avoid the much-loathed “sequester” that’s scheduled to kick in Friday, imposing significant spending cuts on most programs in the federal government.
His plan is to replace the sequester's $1.2 trillion in across-the-board cuts over the next 10 years with targeted cuts and tax reforms that would cut the deficit by $1.5 trillion over the same period. The White House summarized the details of his plan to get to that $1.5 trillion number earlier this month.
Whether his plan is politically feasible is one thing – Republicans would have to swallow his proposal to close some tax loopholes for wealthy households. But increasingly there are questions about the economics of his plan, too.
Is $1.5 trillion enough?
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