As President Obama gets ready for tonight’s speech, there is lot of speculation as to what his plans are for tackling the deficits. Senator Ben Nelson is very interested as to what the president has to say.
“What I hope we hear is what kind of fiscal discipline we can expect in the days ahead. I’m anxious to see his proposals, examine the details before I know if I will support or oppose them. I know Nebraskans expect us to reign in spending and get our financial house in order. There won’t be one single way to take care of our fiscal house.”
There are a lot of expectations that Obama will bring back his recommendation on the Bush Era Tax cuts on households earning over $250,000 a year. Senator Nelson was and is a supporter of that plan.
“I supported the tax cuts across the board when they were voted on at the end of the year and I did so at that time based on my belief as we are struggling as an economy trying to come out of a recessionary period and that anything that would raise taxes during this period is moving in the wrong direction. I believed it then and I still believe it.”
There is also the likely possibility that there will be cuts in defense. Senator Nelson says he has talked with Secretary Gates about this and agrees there are cuts that can be made.
“I don’t have any thoughts on the specifics yet but they will come before the Senate Armed Services Committee. I’ll have the opportunity to question the secretary and other members of the Pentagon staff as to what the impact of those cuts will be. I do believe defense costs need to be addressed as well.”
Early guesses as to what President Obama’s plans are for tackling the deficits include reduce Medicare and Medicaid spending, higher taxes on the wealthy and cuts to defense.