responsibility. It would shower the wealthiest few Americans with an average tax
cut of at least $150,000, while preserving taxpayer giveaways to oil companies
and breaks for Wall Street hedge fund managers. What's worse is that all of
these tax breaks would be paid for by undermining Medicare and the very things we
need to grow our economy and the middle class - things like education, basic
research, and new sources of energy. And instead of strengthening Medicare, the
House budget would end Medicare as we know it, turning the guarantee of
retirement security into a voucher that will shift higher and higher costs to
seniors over time.
The House economic plan draws on the same wrong-headed theory that led to the
worst recession of our lifetimes and contributed to the erosion of middle-class
security over the last decade. And the President believes we cannot return to a
failed theory that didn't lead to the growth of jobs, incomes, or the economy.
That's why he put forward a balanced approach that reduces the deficit by over $4
trillion. It's an approach that asks the wealthiest to pay their fair share,
makes tough cuts to programs we can't afford, and strengthens Medicare with
reforms that would end subsidies to drug companies, improve the quality of care,
and protect Medicare's commitment to America's seniors."
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