President Obama Sends Congress His Budget, Manages to Make Everyone Mad
President Obama is finally bringing Republicans and Democrats together to agree on something. Unfortunately for the President, both parties are coming together in opposition to his budget. According to FOX News, the President's budget plan spending is up and so are taxes.
President Obama found himself weathering bipartisan broadsides Wednesday as he sent Congress his 2014 budget proposal, which in its effort to please both sides of the aisle has ended up angering both.
The $3.77 trillion spending plan, which is being delivered to Congress two months late, tries to curb deficits by further raising taxes on top earners and reining in the growth of Social Security. But Republicans argue they already consented to increased taxes as part of the fiscal crisis deal and have expressed little interest in negotiating another hike. And liberal Democrats -- particularly powerful advocacy groups -- have launched a series of campaigns to oppose the changes to Social Security.
The president's proposal being unveiled Wednesday includes an additional $1.8 trillion in deficit reduction over the next decade, bringing total deficit savings to $4.3 trillion, based on the administration's calculations. It projects that the deficit for the 2014 budget year, which begins Oct. 1, would fall to $744 billion. That would be the lowest gap between spending and revenue since 2008.
The president's plan tracks an offer he made to House Speaker John Boehner, R-Ohio, during December's budget negotiations, which Boehner ended up walking away from because of his opposition to higher taxes on the wealthy.
You can read all about President Obama's budget by clicking on the link above. I think it's safe to say that his budget is a non-starter.