Obama Administration Proposes Federal Budget
April 12, 2013
Obama Budget
From VOA Learning English, this is IN THE NEWS.
This week, the Obama administration released a budget plan for the 2014 fiscal year. The plan calls for three trillion 770 billion dollars in federal spending during the year beginning in October.
President Barack Obama calls the proposal, “a fiscally responsible blueprint” for middle class jobs and economic growth. The budget is his attempt to move closer to a “grand bargain” he sought in debt and deficit reduction talks with Republican Party lawmakers.
The plan includes one-point-eight trillion dollars in deficit reduction over 10 years. It also adds two-point-five trillion dollars in savings the president says have already been realized. This would bring total savings to four-point-three trillion dollars.
Mr. Obama says his budget proposal seeks to end what he calls short-sighted, crisis-driven decision-making here in Washington.
“For years, the debate in this town has raged between reducing our deficits at all costs and making the investments necessary to grow our economy. And this budget answers that argument because we can do both. We can grow our economy and shrink our deficits.”
To become law, the president’s budget would require congressional approval, which political experts say is unlikely. His budget would replace tens of billions of dollars in required spending cuts. Those cuts went into effect on January first. Mr. Obama also wants to limit legal ways businesses and wealthy individuals can avoid paying taxes. And he wants to establish a minimum 30 percent tax on people earning one million dollars or more a year.
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