President Barack Obama’s New Budget: $1.65 Trillion Deficit for This Year
Obviously President Barack Obama did not get the “shellacking” message of the 2010 midterm elections. Obama’s new budget is $1.65 trillion for this year. WHAT! Freezing spending is not going to cut it sir, especially when you increased federal spending to record levels.
The other one-third of the savings would come from tax increases, including limiting tax deductions for high income taxpayers, a proposal Obama put forward last year only to have it rejected in Congress.
The Obama budget recommendation, which is certain to be changed by Congress, would spend $3.73 trillion in the 2012 budget year, which begins Oct. 1, a reduction of 2.4 percent from what Obama projects will be spent in the current budget year.
The Obama plan would fall far short of the $4 trillion in deficit cuts recommended in a December report by his blue-ribbon deficit commission.
Obama claims his budget will reduce record federal deficits by $1.1 trillion over the next decade. That’s it? Obama did not even take the recommendations of hisbudget reducing committee of deficit reduction. Is this President really serious about lowering the federal deficit? It certainly appears that he does not want to lead with any find of biting deficit reduction plan.
WAPO: Obama budget projects record $1.6 trillion deficit. Didn’t Obama just extend the Bush tax cuts?
Households with income of more than $250,000 a year would immediately see new limits on the value of their itemized deductions. And starting in 2013, they would lose the lower tax rates and other breaks that were enacted during the George W. Bush administration and recently extended.