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Obama unveils $3.83 trillion budget with massive deficit
The president said in normal circumstances he would have worked to pay down the yearly deficit immediately, but costly steps were need to help an economy in free fall. He asked lawmakers to follow his lead on reducing waste and to avoid “grandstanding.”
The budget proposal reflects, as well, pressure on Obama ahead of the November congressional elections to cut unprecedented growth in the US debt.
The $3.83 trillion budget includes a huge tranche to lower double-digit unemployment - - about $100 billion in tax incentives to hire workers and improve the nation’s infrastructure and energy sector.
The spending jump will be partially offset by higher taxes on wealthy Americans - - families earning more than $250,000 yearly - - through plans to let expire tax cuts put in place during the administration of former President George W. Bush.
Obama also seeks an overall freeze on the portion of government spending excluding commitments for federal pension and health care benefits for the elderly as well as defense and homeland security.
As written, the spending plan’s $1.56 trillion in red ink surpasses last year’s then-record $1.41 trillion gap. It reflects a continuing flood of government spending designed to ease the worst economic downturn since the 1930s Great Depression.
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