As Americans have come to expect, President Barack Obama is getting set to sell out the middle class again, as he sits down on Thursday to fashion a deal with Republicans on a debt-reduction plan.
Insiders have said that Obama has put on the table major changes to Social Security and Medicare, in exchange for Republican support for fresh tax revenue.
Specifically, Obama is proposing significant reductions in Medicare spending, and for the first time in the history of the U.S., is offering to tackle the rising cost of Social Security.
Obama’s proposal would slash more than $4 trillion from annual budget deficits over the next decade. His determination to chop Social Security and Medicare would likely put him at odds with Democratic lawmakers who have vowed to protect health and retirement benefits from the assault on government spending.
The deadline for raising the debt limit is August 2, but Obama hopes to reach a deal with Republicans before the end of July.
