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Obama unveils US$3.8t spending plan
Source: Agencies |
February 14, 2012, Tuesday
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US President Barack Obama yesterday unveiled a US$3.8 trillion spending plan for 2013 that seeks to achieve US$4 trillion in deficit reduction over the next decade but does little to restrain growth in the government's huge health benefit programs, a major cause of future deficits.
Obama's new budget was immediately attacked by Republicans as a retread of previously rejected ideas. The budget battle is likely to be a major component of the fall election campaign.
The president would achieve US$1.5 trillion of the deficit reductions in tax increases on the wealthy and by removing certain corporate tax breaks. Obama rejected Republican charges of class warfare. In his budget message, he said: "This is not about class warfare. This is about the nation's welfare."
In a message that repeated populist themes Obama also sounded in his State of the Union address, the president defended his proposed tax increases on the wealthy, saying it was important that the burden of getting deficits under control be a shared responsibility.
"This is about making fair choices that benefit not just the people who have done fantastically well over the last few decades but that also benefit the middle class, those fighting to get into the middle class and the economy as a whole," Obama said. He used an appearance before students at Northern Virginia Community College to unveil the budget and highlight a US$8 billion plan that aims at boosting the ability of the community colleges to train students for the jobs of the future.
While administration officials defended the overall plan as a balanced approach, Republicans attacked it as failing to enough to restrain the deficit, which Obama had promised in 2009 to cut in half by the end of his first term.
This year's budget debate is expected to dominate the presidential contest and congressional elections.
Obama's new budget was immediately attacked by Republicans as a retread of previously rejected ideas. The budget battle is likely to be a major component of the fall election campaign.
The president would achieve US$1.5 trillion of the deficit reductions in tax increases on the wealthy and by removing certain corporate tax breaks. Obama rejected Republican charges of class warfare. In his budget message, he said: "This is not about class warfare. This is about the nation's welfare."
In a message that repeated populist themes Obama also sounded in his State of the Union address, the president defended his proposed tax increases on the wealthy, saying it was important that the burden of getting deficits under control be a shared responsibility.
"This is about making fair choices that benefit not just the people who have done fantastically well over the last few decades but that also benefit the middle class, those fighting to get into the middle class and the economy as a whole," Obama said. He used an appearance before students at Northern Virginia Community College to unveil the budget and highlight a US$8 billion plan that aims at boosting the ability of the community colleges to train students for the jobs of the future.
While administration officials defended the overall plan as a balanced approach, Republicans attacked it as failing to enough to restrain the deficit, which Obama had promised in 2009 to cut in half by the end of his first term.
This year's budget debate is expected to dominate the presidential contest and congressional elections.
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