Obama’s budget goes to the Congress
February 14th, 2012 - 12:55 am ICT by Aishwarya BhattWashington., Feb 13 (THAINDIAN NEWS) Another political battle is looming in Washington as President Barack Obama sends his budget to Congress. The budget will increase taxes on the rich and cut government spending in a bid to save about $4 trillion over the next decade.
The budget is expected to be challenged at the Congress by the House Republicans who are likely to fight the tax hikes.
The White House announced that, “We must transform our budget from one focused on speculating, spending and borrowing to one constructed on the solid foundation of educating, innovating and building.”
Republicans say the President has failed woefully to take control of the US economy. The chairman of the House Budget Committee, Rep. Paul Ryan, challenged the administration when he said that, “We’ve been waiting for over three years for this president to put forward credible solutions to challenges before us. President Obama has presided over four straight trillion-dollar deficits, breaking promise after promise when it comes to job creation, deficits and the debt.”
The budget will seek funding for other projects in education and transportation. The US is currently struggling to keep the economy under control because of over spending. The country’s deficit is expected to top $1.3 trillion this year.
- Top Republican Congressman confident of deficit deal - Oct 16, 2011
- State of the Union: Republicans say Obama not doing enough to reduce deficits - Jan 26, 2011
- US deficit reduction: No deal - Nov 22, 2011
- Obama draws battle lines with $4 trillion deficit reduction plan (Lead) - Apr 14, 2011
- Obama's budget 'a good starting point for a discussion' with Republicans: NYT editorial - Feb 16, 2011
- Obama unveils deficit reduction plan - Sep 19, 2011
- Obama requests $1.2 trillion rise in borrowing limit - Jan 13, 2012
- Obama presents budget plan - Feb 14, 2012
- Obama, congressional leaders announce deal to raise debt ceiling, cut spending - Aug 01, 2011
- Obama sets sights on India, China to revive US economy - Feb 15, 2011
- Obama announces long-term debt reduction plan - Apr 14, 2011
- Economic crisis looms as Obama returns from Asia - Nov 20, 2011
- Obama pitches all-time high $3.8T budget - Feb 02, 2010
- Obama touts possible bipartisan pact on debt limit - Jul 20, 2011
- Obama signs deal to avoid catastrophic US default (Lead) - Aug 03, 2011
Tags: barack obama, budget committee, challenges, committee rep, congress washington, economy, education, government spending, job creation, next decade, paul ryan, promise after promise, republicans, solid foundation, trillion, white house