Obama budget: Trim Social Security, tax wealthy

Obama budget: Trim Social Security, tax wealthy

WASHINGTON (AP) - President Barack Obama sent Congress a $3.8 trillion spending blueprint today that strives to achieve a “grand bargain” to tame runaway deficits, raising taxes on the wealthy and trimming popular benefit programs including Social Security and Medicare. The president’s budget projects deficit reductions of $1.8 trillion over the next decade, achieved with higher taxes, reductions in payments to Medicare providers and cutbacks in the cost-of-living adjustments paid to millions of recipients in Social Security and other government programs.

Don't Miss a Story

Sign up for our newsletter to receive daily news directly in your inbox.