Conservative
Repent, America!
President Obama will propose a budget on Monday that forecasts a $901 billion deficit in 2013 while hiking taxes on the rich.
The 2013 budget is somewhat limited in scope because the White House had to fit spending on discretionary accounts below the limits set in the Budget Control Act approved by Congress last summer.
Over a decade, the cuts enshrined in the Budget Control Act total in the neighborhood of $1 trillion in discretionary spending.
That means it's no easy feat to find room for additional spending.
A few areas of reduction are known: Military spending will be reduced.
Of course, the budget doesn't just cut spending -- it also raises taxes.
The White House included $1.5 trillion in tax hikes, including a provision that will allow the Bush tax cuts to expire.
Republicans have displayed no willingness to consider most of the president's proposals and are not likely to start now.
http://money.cnn.com/2012/02/10/news/economy/obama_budget/?google_editors_picks=true
The 2013 budget is somewhat limited in scope because the White House had to fit spending on discretionary accounts below the limits set in the Budget Control Act approved by Congress last summer.
Over a decade, the cuts enshrined in the Budget Control Act total in the neighborhood of $1 trillion in discretionary spending.
That means it's no easy feat to find room for additional spending.
A few areas of reduction are known: Military spending will be reduced.
Of course, the budget doesn't just cut spending -- it also raises taxes.
The White House included $1.5 trillion in tax hikes, including a provision that will allow the Bush tax cuts to expire.
Republicans have displayed no willingness to consider most of the president's proposals and are not likely to start now.
http://money.cnn.com/2012/02/10/news/economy/obama_budget/?google_editors_picks=true