U.S. President Barack Obama is proposing a bolder package to slash spending and increase some tax revenue in an effort to break the political impasse over America's growing debt.White House and congressional aides say Mr. Obama will propose doubling the amount of money trimmed from the country's budget deficit to $4 trillion when he meets with Congressional leaders Thursday.
They say the new package will include significant cuts to Social Security and Medicare - two of the country's biggest social safety nets. It would also call for increasing tax collections from large corporations and letting tax cuts expire for the wealthiest households.Talks between the White House and Republican leaders in Congress fell apart two weeks ago, when they failed to agree over a package that would have reduced the country's budget deficits by about $2 trillion over the next ten years.