Obama releases $3.9T budget
Wonder if this one will get any votes? What a waste of paper.
Check it out:
President Obama on Tuesday released an election-year budget proposal that calls for $3.9 trillion in spending in fiscal 2015.
Deficit reduction takes a back seat in the budget to jobs initiatives Democrats hope will be popular with voters.
The central elements of the proposal are $56 billion in new stimulus spending above the discretionary budget cap in place for next year, $302 billion in infrastructure spending over four years and a series of tax breaks for lower-income workers.
The initiatives would be fully paid for by increasing taxes on corporations and wealthy individuals.
The stimulus spending is split evenly between defense and non-defense initiatives, and focuses on funds for basic research, elementary education, manufacturing initiatives, job training, climate change preparation and reversing cuts to the Internal Revenue Service.
The president proposes to pay for the stimulus with a $14 billion cut to farm subsidies for crop insurance, even though a five-year farm bill was just enacted. He is also seeking $28 billion in revenue from limiting accrual in tax-sheltered retirement accounts.