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President Obama Presents Budget Proposal

By: Associated Press
By: Associated Press

THE PRESIDENT'S FISCAL YEAR 2014 BUDGET

The President’s Fiscal Year 2014 Budget demonstrates that we can make critical investments to strengthen the middle class, create jobs, and grow the economy while continuing to cut the deficit in a balanced way. The President believes we must invest in the true engine of America’s economic growth – a rising and thriving middle class. He is focused on addressing three fundamental questions: How do we attract more jobs to our shores? How do we equip our people with the skills needed to do the jobs of the 21st Century? How do we make sure hard work leads to a decent living? The Budget presents the President’s plan to address each of these questions.

KEY BUDGET FACTS

  • Creates jobs by responsibly paying for investments in education, manufacturing, clean energy, infrastructure, and small business.
  • Includes $1.8 trillion of additional deficit reduction over 10 years, bringing total deficit reduction achieved to $4.3 trillion.
  • Represents more than $2 in spending cuts for every $1 of new revenue from closing tax loopholes and reducing tax benefits for the wealthiest.
  • Deficit is reduced to 2.8% of GDP by 2016 and 1.7% by 2023 with debt declining as a share of the economy, while protecting the investments we need to create jobs and strengthen the middle class.
  • Includes $400 billion in health savings that crack down on waste and fraud to strengthen Medicare for years to come.

WASHINGTON (AP) -- President Barack Obama's budget plan would increase taxes by $580 billion over the next decade, but it relies on many proposals that have been repeatedly rejected by Congress.

Some were rejected as recently as January, when Congress voted to make permanent a series of tax cuts first enacted under President George W. Bush. Among them, a proposal to limit itemized deductions for high-income families.

One new proposal is a 94 cents-a-pack increase in the cigarette tax. The tax would raise an estimated $78 billion over the next decade to pay for early childhood education.

Obama says his tax plan is part of a balanced approach to deficit reduction that includes painful cuts to benefit programs like Social Security and Medicare. Most GOP lawmakers, however, adamantly oppose new taxes.


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