Obama Budget Draws Fire from Both PartiesSubmitted by meekandmild on Mon, 02/01/2010 - 17:00
Washington, DC) -- President Obama's new budget calls for $3.8 trillion in spending.
It includes money to fight unemployment, increased taxes for the wealthy and a limited spending freeze.
In these thousands of pages of numbers the one that stands out is $1.6 trillion. That's the deficit in President Obama's new budget, he says the government needs to spend the money to get Americans back to work.
The spending plan for 2011 totals almost $4 trillion. It gives more money to education programs, research, and clean energy development. It freezes spending on some domestic programs. It includes a new tax on banks and, increases taxes on families making more than 250-thousand dollars a year.
President Obama argues -- it's the right blend of short-term spending to create jobs... And long-term savings to cut the deficit.