Obama Aims to Battle Debt

photo credit: achichi

Obama has a plan in the works for battling the deficit that will see it shrink from $2 trillion this September to around $500 billion by 2013, according to the Washington Post. Although the target debt ratio is high – around 3% – according to the White House that number would be less crushing than the current debt at 8%.

Where will the administration find all that cash?

• Major savings by winding down the war in Iraq and Afghanistan – although overseas operations will continue, they will not be allowed to eat up the $190 billion they cost last year
• Raising taxes for the rich (that is, anyone earning $250,000 per year or more)
• Increase tax-collection diligence by cracking down on tax havens and corporate loopholes (H1B, anyone?)

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4. Automakers Get Bailout

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