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President Barack Obama proposed Monday an economic
plan that will reduce the nation's deficit by $4 trillion and
level the playing field between government-sponsored
enterprises and the private sector. The Obama plan uses
a combination of tax increases for the nation's wealthiest
individuals, strategic cuts to social programs like
Medicare and a proposed increase in guarantee fees at
Fannie Mae and Freddie Mac. The President's speech
arrived the same day that Edward DeMarco, director of
the Federal Housing Finance Agency, suggested the
GSEs should increase their guarantee fees to allow
private capital to more easily compete with Fannie and
Freddie. The administration is calling for an increase of
guarantee fees by 10 basis points, to come next year.
The Treasury Department believes the change could
result in savings of $28 billion over a period of 10 years.
The President vowed to veto any bill that would cut into
Medicare and other social security programs without
first closing tax loop holes for the nation's wealthiest
Americans and corporations. Obama said the reductions
would be added to $1 trillion in cuts already signed into
law. "They will be the largest cuts in history," the
President told a crowd gathered for his speech Monday.
The President reiterated several times that he believes
tax cuts alone will not solve the nation's debt crisis.
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