President Barack Obama Monday proposed a $3.8 trillion budget brimming with populist tax hikes on the rich and jobs spending designed to outmaneuver Republicans as he takes aim at reelection.
But Obama’s possible Republican foe in November, Mitt Romney, slammed the document, which foresees a fourth consecutive year of budget deficits over $1 trillion, as “an insult” to American taxpayers.
“We have got to do everything in our power to keep this recovery on track,” Obama said, as he unveiled the blueprint, which frames his election message of restoring a “fair shot” for average Americans in a recovering economy.
“The last thing we need is for Washington to stand in the way of America’s comeback,” said Obama, unveiling the budget in symbolic territory in swing-state Virginia, which he hopes to win en route to a second term.
The plan projects a $1.3 trillion deficit for the current fiscal year and sees the shortfall dipping below the one trillion dollar mark in fiscal year 2013 at $901 billion.
According to the fiscal 2013 budget’s assumptions, unemployment will remain above six percent until 2017.
But the jobs forecasts were finalized in November however, before a sharp down tick in the jobless rate, so could prove to be too pessimistic.
Growth is expected to pick up from 2.7 percent this year to 3.0 percent in 2013 and 4.0 percent in 2014.
The budget calls for spending of $50 billion on roads, railways and airport runways designed to create thousands of short-term quality jobs.
It provides funds to modernize 35,000 schools and requires the Pentagon to rejig missions and force structures to spend $487 billion less than planned.
The budget also requires $364 billion in health savings, and would invest eight billion dollars in community college funds to train workers for in-demand industry sectors to encourage American jobs to return from overseas.
But it proposes a $226 million cut in NASA’s Mars robotic exploration program, likely axing a planned partnership with Europe and in further blow to those who see America’s space heritage being eroded.
Obama renewed his call for richer Americans to pay their “fair share” to revive the economy.
“We’ve got a choice. We can settle for a country where a few people do really, really well and everybody else struggles to get by,” Obama said.
“Or we can restore an economy where everybody gets a fair shot, everybody does their fair share, everybody plays by the same set of rules, from Washington to Wall Street to Main Street.”
The proposal calls on Congress to back the Buffett rule, named after billionaire financier Warren Buffett, designed to ensure no household earning more than one million dollars a year pays less than 30 percent in taxes.
It renews Obama’s call for the George W. Bush-era tax cuts to be repealed on Americans earning more than $250,000 a year.
Officials said the plan would include a $206 billion dollar proposal to tax dividends of the richest taxpayers at the rate of the top level of income tax.
Obama’s repeated attempts to repeal the Bush tax cuts and to bring in higher taxes for the rich have always foundered in Congress where they are opposed by Republicans as an impediment to small businesses and economic growth.
The plan made a new call for the previously thwarted Financial Crisis Responsibility Fee levied on the largest banks and finance firms to compensate taxpayers for government bailouts during the financial crisis.
The Obama budget is being seen on all sides as a partisan document that has little chance of being voted into law.
Democrats in the Senate say that they will not bring it up for a vote because the government is already financed through the next year on the basis of a spending agreement reached with Republicans in September.
Romney complained Obama had done nothing to take meaningful steps to solve funding problems for social programs like the Social Security retirement fund and the Medicare health care for seniors.
“I believe we can save Social Security and Medicare with a few commonsense reforms, and — unlike President Obama — I’m not afraid to put them on the table,” Romney said in a statement.
Republican Senate minority leader Mitch McConnell complained that the budget was less a serious spending plan than a “campaign document.”
“It’s bad for job creation, bad for seniors, and that it will make the economy worse.”
Trump and Giuliani had ties to mobsters portrayed in ‘The Irishman’
Both President Donald Trump and his attorney Rudy Giuliani have ties to the mobsters depicted in Martin Scorsese’s new film, "The Irishman."
The film is based on the 2003 book I Heard You Paint Houses: Frank “The Irishman” Sheeran & Closing the Case on Jimmy Hoffa, by Charles Brandt, who paints a portrait of corrupt union bosses and hitmen who had business ties to Trump decades ago, reported Rolling Stone.
This poisonous mindset convinced Republicans that anything is justifiable
On Thursday, Nancy Pelosi said she asked the chairman of the House Judiciary Committee to draw up articles of impeachment. Her announcement was historic, decisive and fierce due to three simple and overlooked words: once again and enemies.
In using “once again,” the speaker of the House signaled that the House Democrats are prepared to expand the scope of the indictment against Donald Trump to include his complicity in the 2016 assault by Russia on the sovereignty of the American people as well as his enlisting of another foreign leader to undermine the integrity of 2020.
Nikki Haley busted by Civil War historian after claiming the Confederate flag was once a symbol of ‘heritage’
Former South Carolina Governor and Trump United Nations ambassador Nikki Haley on Friday stirred controversy when she claimed that the Confederate flag was once a noble symbol that only lost legitimacy once it was "hijacked" by a mass murderer.
During an interview with talk show host Glenn Beck, Haley described how she reacted after white supremacist Dylann Roof murdered nine people at the Emanuel African Methodist Episcopal Church.
"Here is this guy who comes out with this manifesto, holding the Confederate flag," she said, referring to Roof. "And [he] had just hijacked everything that people thought of. We don't have hateful people in South Carolina -- there's always the small minority, that's always going to be there -- but people saw it as service and sacrifice and heritage, but once he did that, there was no way to overcome it."