Seo standard Features Obama’s immigration policy won’t save $2.5 trillion: Study

Obama’s immigration policy won’t save $2.5 trillion: Study

NEW YORK — The Obama administration won’t fix the nation’s trillion-dollar fiscal mess until it addresses the nation s fiscal challenges, the Obama administration said Monday.

The administration announced the fiscal cliff deal, which the president had demanded in January, would leave Congress and the courts in the lurch to deal with a looming $2 trillion fiscal cliff.

The deal, released by Treasury Secretary Jack Lew and U.S. Trade Representative Peter Navarro, also calls for $1 trillion in spending cuts and $1.5 billion in tax hikes.

That includes $300 billion in temporary spending cuts, $600 billion in new entitlement cuts, and $600 million in tax increases.

The president said the deal was designed to save taxpayers money and help the economy, but critics blasted it as a bailout for Wall Street and Wall Street banks.

“President Obama has done nothing to fix our nations fiscal challenges,” Treasury Secretary Jacob Lew said in a statement.

“The president has promised to make bold, long-term economic changes that will benefit middle-class families, but that hasn’t happened.”

The president said his economic plan will help middle- and working-class Americans with $1,300 a year in tax relief.

That amount is roughly the same as what he proposed in his 2015 State of the Union address, which was backed by a $1-trillion stimulus package.

The deal also provides tax breaks for households with income below $250,000.

“These are steps that will ensure we can continue to create jobs, help middle class families and reduce our deficit without a single penny of new revenue,” Lew said.

“The president is right to take bold, ambitious steps to fix Americas problems, but the American people will continue to pay the price,” he said.

The president also said the new tax breaks would not be a “job killer” for the middle class, which would be responsible for the majority of the tax burden.

The plan also includes $150 billion in automatic spending cuts that are designed to help the U.K. and other nations hit by the economic downturn.

The $150-billion cut would be paid for by lowering taxes on high-income earners, cutting taxes for corporations and individuals, and eliminating the estate tax, which has a large impact on the wealthiest Americans.