Why The President’s New Economic Plan Is A Good One

I released the following statement today on the President's new economic plan:

"The President has offered a plan suited to both the short-term challenges arising from our current economic conditions and the long-term challenges coming from rising global competition.    

He begins in the right place, with a package of policies seen by most economists as particularly well-suited to jumpstart job creation and support stronger growth.   He also has presented a fiscal plan to help sustain that strong growth, by reigning in long-term deficits while enhancing strategic investments.  The administration’s long-term deficit plan would further trim domestic spending, including defense, wind down our wartime spending in Iraq and Afghanistan, raise additional revenue from high-income Americans, and reduce the unnecessary and least necessary areas of spending for Medicare and Medicaid.  In this way, the administration relies on all of the same sources for deficit savings as the Simpson-Bowles Commission, the Senate “Gang of Six,” and the deficit-reduction programs carried out under both Bill Clinton and Ronald Reagan.  

Finally, the President preserves those public investments which undergird strong growth and U.S. competitiveness, especially in basic research and development, education and training for American workers, and basic infrastructure that all businesses and workers depend on.  This package deserves the support of the country and the Congress. "