Sunday, February 12, 2012

Report: Obama's new budget proposal will include $500 billion in new spending and $1.5 Trillion in new taxes


President Obama still believes the U.S.A. can spend and tax it's way to greatness.
(Washington Post) — President Obama will send Congress a 2013 spending plan that would raise taxes on the rich and pump nearly $500 billion into new transportation projects over the next decade, launching an election-year debate over the budget that promises starkly different visions for managing government debt and the sluggish economy.

As they prepare to face voters in November, neither the president nor congressional Republicans are expected to roll out many new or potentially painful prescriptions for slowing the rise of the $15 trillion national debt. After failing repeatedly last year to forge a bipartisan consensus, few in either party see much point in trying again now.
Instead, Obama will on Monday reprise recommendations he unveiled last fall that seek to reduce borrowing by more than $3 trillion over the next decade while spending more in the short term to bring down persistently high unemployment.

The president’s blueprint calls for reductions in spending on federal health programs and the military, a small raise for federal workers and more than $1.5 trillion in new taxes on corporations, hedge-fund managers and the wealthy, in part through the expiration of the George W. Bush-era tax cuts on annual incomes of more than $250,000.

2 comments:

GeronL said...

How to destroy the economy without really trying

oh wait... they really are trying

Ric 'The Turtle' Ryan said...

His transportation solutions through high speed rail are a waste of resources and no real return on investment. America needs a permanent infrastructure maintenance program administered by each state and funded from a tax on fuel use in the state that spends the money. The Fed needs to cut back and get real. End a war they are losing on drugs. Start taxing them for revenue. Quit putting people with addiction problems in prison. Quit treating them like social lepers and ruining their lives thru hypocritical enforcement while partaking of your "socially" approved drugs like alcohol and tobacco.