White House Chief of Staff Denis McDonough says Obama Is Ready to Propose $1.5 Trillion Plan

4798President Barack Obama is ready to work with Republicans on a plan to avoid automatic budget cuts to avoid crippling defense and programs vital to the middle class, White House Chief of Staff Denis McDonough said.

U.S. President Barack Obama delivers the State of the Union address to a joint session of Congress at the Capitol in Washington, D.C..
The president has a plan to reduce the deficit by $1.5 trillion, and Obama will insist the changes happen in a "balanced way" which includes revenue increases, McDonough said on ABC's "This Week."

"This is not an ideological effort," McDonough said. "This should not be a social science experiment. This should be a question where we ask ourselves, what is most important to the economy? What is most important to the middle-class families of this country?"

The U.S. economy stalled during the last three months of 2012, marking the worst quarter since the recession ended three and a half years ago, as defense spending tumbled by the most since 1972. Without action by Congress, the federal government is poised next month to begin the first round of $1 trillion in budget cuts set to occur over the next nine years, adding another potential drag to the economy.

Source: Bloomberg | Jeff Plungis 
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