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I am sending to the Congress this detailed plan to pay for this jobs bill and realize\u00a0more than $3 trillion in net deficit reduction over the next 10 years. Combined with the approximately\u00a0$1 trillion in savings from the first part of the Budget Control Act, this would generate more than\u00a0$4 trillion in deficit reduction over the next decade. This would bring the Nation to the point where\u00a0current spending is no longer adding to our debt and where our debt is no longer increasing as a\u00a0share of our economy\u2014an important milestone on the way to restoring fiscal discipline and moving\u00a0us toward balance.<\/p>\n
This plan is a balanced one that asks everyone to do their part. It includes nearly $580 billion in cuts\u00a0and reforms to mandatory programs, of which $320 billion is savings from Federal health programs\u00a0such as Medicare and Medicaid. These changes are necessary to maintain the promise of Medicare as\u00a0we know it.<\/p>\n
The plan also realizes more than $1 trillion in savings over the next 10 years from our drawdowns\u00a0in Afghanistan and Iraq. And the plan calls for the Congress to undertake comprehensive tax reform\u00a0that lowers tax rates, \u00a0closes loopholes, boosts job creation here at home, cuts the deficit by $1.5\u00a0trillion, and observes the Buffett Rule\u2014that people making more than $1 million a year should not\u00a0pay a smaller share of their income in taxes than middle-class families pay. To assist the Committee in\u00a0its work, I also included specific tax loophole closers and measures to broaden the tax base. Together\u00a0with the expiration of the high-income tax cuts from 2001 and 2003, these measures would be more\u00a0than enough to reach this $1.5 trillion target.<\/p>\n
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