Deficit Record Receives Maximum Attention In President Barack Obama’s Budget
February 2nd, 2010 - 8:25 pm ICT by GDBy Meena Kar
Washington, Feb 2, (THAINDIAN NEWS) The economic condition of the United States as well as the budget, not only attracts the attention of the financial experts in the country but also of financial experts all over the globe. This week, President Barack Obama has proposed the new budget of 3.8 trillion dollars, which shows that the deficit record has reached 1.56 trillion dollars, which is quite a huge amount. Apart from the record deficit amount, the other significant facts of the new budget indicates that the president has indicated to implement some tax-cut measures for the people of the high income group.
In the proposed budget plan, President Barack Obama said that the new budget also consists some job programs so that they can cope up with the huge job cuts caused by the recession. Though the budget consists of several important issues, the deficit record has gained the maximum attention from the opposition leaders as well financial experts. According to some confidential sources, the proposed budget also indicates that the deficit for the coming fiscal year would be around 1.3 trillion dollars. The sources also revealed that financial experts anticipate that by 2013 the budget deficit would be somewhere close to 700 billion dollars.
The projected deficit amount for the coming two years indicate that the economy would make significant development and the deficit will reduce. It has been reported that by the year 2020, the budget deficit would once again increase and would hit one trillion dollars. As per the reports, the Republicans have criticized the new budget and said that the budget, “spends too much, taxes too much and borrows too much.”
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