Rep. Schakowsky backs Obama’s deficit proposal

September 19, 2011

(AP/Lauren Victoria Burke, File)

Illinois Democratic Congresswoman Jan Schakowsky is backing President Obama’s deficit reduction plan, including his promise to veto any bill that relies solely on spending cuts without raising new revenues.

“I applaud him, and I think most Americans do, too,” Schakowsky said at a luncheon with city and state officials.

On Monday, the President proposed a plan to reduce the nation's deficit by $3 trillion over the next 10 years. The package includes $1.5 trillion in new revenues, generated in part by allowing Bush-era tax cuts for the wealthiest earners to expire, and by limiting their deductions. The plan would also trim Medicare and Medicaid funding by $320 billion.

"It's only right we ask everyone to pay their fair share," said Obama in his speech Monday morning.

Republicans were quick to respond to Obama’s proposed deficit plan. Minutes after the president spoke, Senate Republican leader Mitch McConnell issued a statement saying, "Veto threats, a massive tax hike, phantom savings, and punting on entitlement reform is not a recipe for economic or job growth."

Schakowsky, who represents Chicago's north suburbs, says Republicans’ insistence on not raising taxes is not a balanced approach to solving the deficit problem and is contrary to what the majority of Americans want.

“If the Republicans push a proposal that would maintain these tax cuts and all the tax breaks that go to the wealthiest Americans, they do that at their peril,” she said.