Even though raising taxes on the rich is the most popular proposal among voters for reducing the country’s staggering deficit, a large majority say major spending cuts must also be made.
FoxNews.com is reporting that their latest poll found 61 percent of voters saying they believe major spending cuts are necessary to reduce the deficit. Only 33 percent think raising taxes on high earners is enough to solve the problem.
Party affiliation mattered in this poll with the majority of Republicans (77%) and Independents (62%) calling for spending cuts while half of all Democrats polled think taxing the rich will be sufficient.
When asked what cuts should be made, 59 percent of Republicans called for cuts to programs such as Social Security and Medicare. Fifty-two percent of Democrats say these programs should continue to be funded at current levels, even if that means passing on trillions of dollars of debt to future generations.
However, if income taxes do go up, 89 percent of those polled – a number that includes large majorities of all political parties – believe President Obama should agree to major cuts in spending.
As for what they believe the government will do with all the money they raise from taxing those earning over $250,000 a year, 53 percent think it will be used to increase government spending rather than pay down the deficit.
As the deadline for resolving the crisis looms, nearly 7 out of 10 voters say they’re “very” interested in the fiscal cliff standoff, which could result in higher taxes for all Americans and automatic spending cuts going into effect.
Even though most believe a deal will be reached before the nation goes over the fiscal cliff, people believe neither the president nor Congress has a clear plan for avoiding it.
In general, most voters (57%) think the best way to deal with the country’s deficit problem is with cuts in government spending with only 20 percent saying increased taxes alone will do the trick.
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