Obama Sends $3.7 Trillion Budget to Congress
President Obama sent Congress a $3.73 trillion budget Monday, a spending plan for 2012 that projects $1.1 trillion in deficit savings over the next decade but also continues adding to the national debt for years to come.
Republicans, who are still trying to cut billions out of this year’s budget, slammed the proposal after giving it a quick analysis Monday morning. The top Republicans on the House and Senate budget committees said it would push $8.7 trillion in new spending while piling another $13 trillion onto the debt over the next 10 years.
“In this critical test of leadership, the president has failed to tackle the urgent fiscal and economic threats before us,” House Budget Committee Chairman Paul Ryan, R-Wis., said in a statement.
The president, visiting a school in Baltimore, said his budget reflects “tough choices and sacrifices.” Obama said more will need to be done to address long-term shortfalls but described his spending plan as a “down payment” toward that effort.
“If we’re going to walk the walk when it comes to fiscal discipline, these kinds of cuts will be necessary,” he said.