debt by 2023 only ten years from now will equal 77% of gdp. that s roughly double the 39% average seen over the past 40 years. and president obama is asking lawmakers to take quick action as a march 1st deadline approaches that will trigger deep spending cuts. the new york times writes this morning that mr. obama, who missed a deadline this week to submit his annual budget to congress, acknowledged on tuesday that a broader deficit agreement is unlikely to be reached by the march deadline. he provided no details about the tens of billions of dollars in spending cuts and tax adjustments that he wants congress to pass quickly. more specifics could come when he delivers his state of the union address next tuesday. with nearly $1 trillion of domestic and defense spending hanging in the balance, the president says the impacts are already being felt. they re never there are never we re not going to run it. okay, go ahead.
wait a minute, bill. i want pat just for to you hear the president say that to you. i think he was talking to you, pat. you could have been. nobody has talked about increasing taxes now. nobody has talked about increases increasing taxes next year. i have bent over backwards to work republicans to try to come up with a formulation that doesn t require them to vote sometime in the next month to increase taxes. now, let me show you one thing and bill will finish. i m going finish my point al first. all right, go ahead and finish. look, hear s the deal here s the problem, the republicans can t take yes for an answer. they have a $4 trillion package. 3 kill trilon in cuts. that s three to one ratio in tax adjustments in subsidies. they can t take it.
there would be no point in chairman sanders getting the budget committee to agree to the shape of a bill that could not fast senate and the house. nancy pelosi praised the bill saying that it will make bold essential investments in our values as a nation. here s what senator joe manchin had to say about bernie sanders s budget committee s bill. well, i m open to looking at everything they provided. they ll have to provide all the information that will be needed. they ve worked hard. they should have a proposal. the president will come today and explain. we ll listen to that. we ll look at the proposal. look at the priorities they have for our country and then look at how we ll pay for it and if we have to have all the tax adjustments made. will it be overly come petty? i think we should start paying for stuff. is this a red line for you? there are no red lines.
they are taking away, for example, the deduction for state and local government income taxes. so i think on the personal side they are in good shape. on the corporate side, a 15% tax rate, even if you eliminate everything in sight, it s hard to get down that low, especially without the border tax adjustments which seem to be out. they ve got an economist over there. for the first time, they have an economist. kevin hassert. i d like him to show me how they are going to justify a 15% growth. i m sure dean will have something to say about that. i m having trouble figuring it out. i d like to see kevin hassert do that, too. we saw this with reagan with his tax cuts and george w. bush in 2001, his tax cuts.
subsidies. but to sort of come unsprung and suggest you can t have a comprehensive package over the next 25 years, you will rule out out that you disagree with congressman, here is the guarantee i have for you. whatever deal you guys will make, joe biden, white house wib apparently congressional democrats, you won t raise taxes on the rich. you won t do it. you tell me it is comprehensive when you tut medicare, medicare and social security. come back with bush tax cuts. take them away. we go back it clinton rates, okay now we are having a conversation. you re not going to do that, are you? well, what do you mean, am i going to do that? ? you know that i don t have all of the power here. i am arguing for a position that does exactly what you re saying in terms of the, under many of the tax adjustments. but the notion that that just