President Obama’s budget has finally been proposed to Congress.
However, his attempts to compromise and please everyone haven’t actually left anyone completely satisfied.
Democrats are displeased about his proposed cuts to Social Security, and Republicans are displeased about his proposal for higher taxes. Obama plans to bring in an extra $580 billion in tax revenues by eliminating tax deductions for the top 2% of family incomes.
“We Republicans have already done things to move to the middle, to find common ground,” said House Budget Committee Chairman Paul Ryan. “We really believe if we set the stage right, we can get fundamental tax reform.”
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The President’s plan comes two months late, after controversy over the “fiscal cliff” in late December and arguments over spending cuts in early March. Nonetheless, his budget is set to reduce the deficit by $1.8 trillion in the next decade and bring total deficit saving to $4.3 trillion.
Obama has also proposed an increase in spending toward a “Fix It First” infrastructure plan to repair highways, airports, transit systems, and bridges throughout the country.
The President would like to decrease spending on defense and domestic programs by $100 billion each within the next decade.
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He is advocating for money to be given toward a new program that would allow all 4-year-olds from low and moderate-income families access to free pre-school education.
Budget negotiations will not be easy. The House has already passed a plan that will reduce the deficit by $4.6 trillion within the next decade, in addition to $1.2 trillion agreed to in a 2011 budget deal.
Good luck, Mr. President!
