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Sep 18, 2011 1:08 PM by Trovette Tottress

Obama to offer his own debt reduction package

WASHINGTON (AP) - The White House says President Barack Obama will present his own vision for deficit reduction tomorrow.

Obama's plan is expected to call for about $2 trillion in new deficit reduction measures. It is not expected to include all the
compromises he reached with House Speaker John Boehner in July before their deficit talks broke off.

It also includes a proposal to set a minimum tax rate for those earning more than $1 million. House Budget Committee Chairman Paul Ryan says that's going nowhere, though. Appearing on "Fox News Sunday," the Wisconsin Republican says "class warfare may make for really good politics but it makes for rotten economics."

The president's plan will be presented to a special joint committee of Congress that's been given the job of recommending how to reduce deficits by $1.2 trillion to $1.5 trillion over 10 years.

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