Obama Sets Up Battle With GOP On New Budget
February 13, 2012 by staff
Obama Sets Up Battle With GOP On New Budget, President Barack Obama’s new federal budget showcases the major priorities of his presidency and sets up the top battles that will be waged on both sides in the presidential campaign.
In its calls for hundreds of billions of dollars in new spending on job-creating programs and higher taxes on the wealthy, Obama’s $3.8 trillion spending outline for the next fiscal year beginning Oct. 1 contrasts sharply with Republicans’ opposition to any and all tax increases and proposals for deep spending cuts, including in popular benefit programs like Medicare and Medicaid.
Obama’s spending blueprint projects a deficit above the $1 trillion mark for the fourth year in a row. But it also seeks to achieve about $4 trillion in deficit-reduction over the next decade, $1.5 trillion of it through tax increases.
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