Obama Budget: More Spending + Tax Hikes + SS Cuts = Lots of Anger
Wonder if Obama’s budget will get at least 1 vote this time? Didn’t last time.
Check it out:
President Obama found himself weathering bipartisan broadsides Wednesday as he sent Congress his 2014 budget proposal, which in its effort to please both sides of the aisle has ended up angering both.
The budget arrived on Capitol Hill Wednesday morning, delivered 65 days after the legal deadline. The $3.77 trillion spending plan, which is over 2,000 pages, tries to curb deficits by further raising taxes on top earners and reining in the growth of Social Security.
But Republicans argue they already consented to increased taxes as part of the fiscal crisis deal and have expressed little interest in negotiating another hike. And liberal Democrats — particularly powerful advocacy groups — have launched a series of campaigns to oppose the changes to Social Security.
The president’s proposal being unveiled Wednesday includes an additional $1.8 trillion in deficit reduction over the next decade, bringing total deficit savings to $4.3 trillion, based on the administration’s calculations. It projects that the deficit for the 2014 budget year, which begins Oct. 1, would fall to $744 billion. That would be the lowest gap between spending and revenue since 2008.