Conley
02-11-2012, 09:59 PM
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.
http://www.washingtonpost.com/business/economy/obamas-2013-budget-proposal-looks-to-tame-national-debt/2012/02/10/gIQALfaC5Q_story.html
500B into transportation? This is his plan for improving unemployment and jump starting the economy? It reminds me of the administration's claims of "shovel ready projects" from when they were pushing the jobs bill.
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.
http://www.washingtonpost.com/business/economy/obamas-2013-budget-proposal-looks-to-tame-national-debt/2012/02/10/gIQALfaC5Q_story.html
500B into transportation? This is his plan for improving unemployment and jump starting the economy? It reminds me of the administration's claims of "shovel ready projects" from when they were pushing the jobs bill.