President Obama is sending Congress a new budget that seeks to achieve $4 trillion in deficit reduction over the next decade through cuts in government spending and higher taxes on the wealthy. At the same time, he wants to boost spending in key areas such as transportation and education.
The spending blueprint is certain to spark an election-year battle with Republicans, who are vowing to oppose Obama’s tax hikes. They contend the president is not doing enough to attack a dangerous deficit problem.
In a fact sheet previewing the budget, the administration sought to cast the debate as a battle to protect the middle class following decades of eroding security and a deep recession.
“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,” the administration said.Continue reading on www.foxnews.com