Wow! Doesn't that almost sound like a made up number? LOLz!
Yesterday, President Barack Obama unveiled a $3.8 trillion budget request! Here's what he had to say about it:
"We built this budget around the idea that our country has always done best when everyone gets a fair shot, everyone does their fair share and everyone plays by the same rules."
"Every department will feel the impact of these reductions as they cut programs or tighten their belts to free up more resources for areas critical to economic growth."
Here are some major aspects of the budget proposal:
- Six year proposal to spend $476 billion on surface transportation
- 210 programs will be cut or eliminated to save $24 billion in 2013 and $520 billion over a decade
- Cuts to mandatory spending including select farm subsidies, federal employee retirement, and health benefits (savings of over $217 billion over a decade)
- Military spending will be reduced (Pentagon will spend $487 billion less over 10 years)
- Tax hike of $1.5 trillion, which would allow Bush tax cuts to expire for high-income earners
- Budget includes the Buffet Rule, which ensures that the wealthiest do not pay a lower overall tax rate than those who earn substantially less money
- Year-long extension of the payroll tax cut and unemployment insurance
- More than $360 billion would be cut from Medicare, Medicaid, and other health programs
What do U think of Obama's proposed budget? Do U approve of what he's trying to do here???
[Image via WENN.]
Tags: barack obama, budget, cuts, president, proposal, tax, white house