A tale of two budgets
President Obama will outline sharp differences with House Republicans in a speech Wednesday over how to tackle the rising national debt. Obama will respond to a Republican blueprint proposed last week by House Budget Chairman Paul Ryan (R-Wis.). That plan would cut spending by $6 trillion compared with Obama’s 2012 budget, proposed in February, largely by reductions to Medicare and Medicaid. In Wednesday’s speech, Obama will insist on the need for a combination of cuts to defense spending, a reduction in Medicare and Medicaid costs, and increases in taxes on the rich. A look at Ryan’s plan and Obama’s 2012 budget proposals:
SOURCES: White House, House Budget Committee, Congressional Budget Office, staff reports. Karen Yourish and Lori Montgomery/The Washington Post.