Obama’s $3.84 Trillion Budget: Jobs, Education, Taxes on Wealthy
February 1, 2010
(ChattahBox)—President Obama unveiled his new $3.8-trillion federal budget to Congress on Monday, which includes more funds for education and jobs, while imposing higher taxes on the wealthiest Americans. Obama’s budget proposal also imposes a three-year freeze on discretionary spending to address the growing deficit.
The proposed budget would begin in October for the 2011 fiscal year and it represents a three percent increase in spending from this year’s budget. “It’s a budget that reflects the serious challenges facing the country,” Obama said “We’re at war. Our economy has lost 7 million jobs over the last two years. And our government is deeply in debt after what can only be described as a decade of profligacy.”
Obama welcomed ideas from both sides of the aisle, on how to better deal with the nation’s deficit, but he warned that lawmakers must deal in good faith and present serious proposals. “In order to meet this challenge, I welcome any idea, from Democrats and Republicans. What I will not welcome — what I reject — is the same old grandstanding when the cameras are on, and the same irresponsible budget policies when the cameras are off,” said Obama.
“When I first walked through the door, the deficit stood at $1.3 trillion,” the president said. The Congressional Budget Office projects the deficit for 2011 should be reduced to $1.27 trillion, $828 billion by 2012 and $727 billion by 2013.
Obama’s proposed budget includes about $100 billion in tax breaks, to trigger investment in small business and help create jobs.
See the LA Times for more.