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April 15, 2021

Obama proposes USD 3.8 trillion budget

WASHINGTON – President Barack Obama said the 2013 fiscal year budget he sent to Congress on Monday will reduce deficit spending in a balanced way by USD 4 trillion over the next decade and require wealthy Americans to contribute more, while preserving investments to help boost the U.S. economy, VOA informs. Obama, who pledged to cut the federal budget deficit in half by the end of his first term, projects a USD 1.33 trillion deficit for this year.  Through a combination of higher taxes on corporations and the wealthy, and the presumed end of tax cuts on annual incomes exceeding USD 250,000 that were enacted during the George W. Bush administration, Mr. Obama proposes to raise USD 1.5 trillion in taxes over 10 years and reduce the federal deficit by USD 4 trillion. The plan includes an agreement reached with Congress last year to cut USD 1 trillion as part of deficit and debt reduction. Savings from ending the wars in Iraq and Afghanistan, and reductions in defense spending are also figured in.

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