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The fighting begins as Obama’s 2013 budget heads to Congress



Published: Sun, February 12, 2012 @ 4:18 p.m.

The fighting begins as Obama’s 2013 budget heads to Congress

Associated Press

WASHINGTON

The new budget that President Barack Obama is sending to Congress aims to achieve $4 trillion in deficit reduction over the next decade by restraining government spending and raising taxes on the wealthy. To help a weak economy, Obama’s proposal Monday requests increases in transportation, education and other areas.

While administration officials on Sunday defended the plan as a balanced approach, Republicans belittled the effort as a repeat of failed policies that did too little to attack soaring costs in such programs as Medicare and threatened growth by raising taxes.

The debate is almost certain to go all the way to Election Day in November with gridlock keeping Congress from resolving many pressing issues on expiring tax cuts and across-the-board spending cuts until a lame-duck session at year’s end.

bama’s spending blueprint for the budget year that begins Oct. 1 projects a deficit for this year of $1.33 trillion. That would mean four straight years of trillion-dollar-plus deficits.

The budget will project a decline in the deficit to $901 billion in 2013 and continued improvements shrinking the deficit to $575 billion in 2018.

Republicans said Obama’s plan was a stark reminder that the Democratic president had failed to meet the pledge he made after taking office in 2009 to cut the deficit in half by the end of his first term.

But Jacob Lew, Obama’s chief of staff, said the administration had to contend with a deep recession and soaring unemployment that had driven the deficits higher than anyone anticipated. He said Obama’s plan would cut the deficit below 3 percent by 2018, to levels that economists generally view as sustainable.


Comments

1AtownAugie(697 comments)posted 2 years, 7 months ago

On February 23, 2009, Mr Obama said that by the end of his term he would reduce the decifit by half. (See AP's video: http://m.youtube.com/#/watch?v=6jJvkk....) With the aid of smoke and mirrors, it *has* gone down -- from $1.4 trillion to $1.3 trillion. He now projects the deficit to be $1.1 trillion by the end of this year -- the last year of his term. Yep, that's down half I guess.

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2UnionForever(1470 comments)posted 2 years, 7 months ago

Let the Bush tax cuts expire for the top 1% and the budget will be balanced. I wonder if this Party of NO Congress has the guts to let it happen? Why should I pay 25% income taxes when a multi-millionaire like Romney only pays 14% and no local employment income taxes at all since his is considered dividends? Fairness must happen.

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3db(280 comments)posted 2 years, 7 months ago

unionforever you are wrong; you've bought the Obama spin. Romney and other top income earners pay more than 36% when all of their taxes are figured but their other taxes (capital gains, etc) cause a reduction in their personal income tax. These people pay plenty - far more than your pittance and they (and only they) produce the jobs that pay more taxes (government jobs consume taxes). Do not buy into the class warfare; these folks pay far more than their fair share. The top 10% pay virtually all of the country's taxes and the bottom 47% pay zero. Attack the super wealthy (like England did with their prohibitive tax rates) and they simply take their money and leave. Kill the golden goose and you go hungry.

Taxes are not the way out of our budget problem; employment is. Until we get rid of Obama and his anti-business, anti-capitalism agenda, we will sink ever deeply into debt; especially to communist China. Obama is the problem; he's got to go.

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4theoldwrench(243 comments)posted 2 years, 7 months ago

Are we to believe only the GOP spin We were promised jobs with the ext. of the tax cuts in 2010 Where are they (GOP spin) Romney says 14% is what he pays by law what are these other taxes you talk about The 47% you say pay 0% pay the same other taxes you pay.

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5olddude(201 comments)posted 2 years, 7 months ago

STOP's new tax reform..30-10-5...And, is that across the board? Wouldnt really be worth working at all for the 47%..Govt. givaway entitlements.... All on board..

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