Obama’s Budget

From the New York Times…

WASHINGTON — In the last annual budget of his term, President Obama for the first time projects a deficit below $1 trillion and foresees the federal shortfall declining to sustainable levels by 2017.

To help reduce deficits and offset the costs of his proposed spending on job-creation initiatives for infrastructure, job-training and innovation, Mr. Obama uses his budget for fiscal year 2013 to call for raising $1.5 trillion over 10 years from the wealthiest taxpayers and from closing some corporate tax breaks, chiefly for oil and gas companies. For the first time he proposes a higher tax on dividend income of the wealthiest taxpayers, which would raise about $206 billion over 10 years. The budget proposal leaves him short of his goal to cut the deficit in half by 2013.

Surprise surprise!  Taxes are going up and spending is NOT coming down.  President Obama is absolutely living up to his campaign promise to Transform the Nation.  Read the whole article for the damage report…

Question of the Day?  What will the Republicans do?

Point of the Day!  Harry Reid will never introduce a budget.

Related articles

• Obama Budget Forecasts Bigger Deficit (politicalwire.com)
• Obama budget targets carried interest (finance.fortune.cnn.com)