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10 Facts About The Obama Budget

10 Facts About The Obama Budget

 

Written by Travis Waldron

President Obama unveiled his budget for fiscal year 2013 Tuesday in Virginia, touting it as a budget that took a balanced approach toward investigating in American economic growth now while reducing the nation’s deficit over the long-term. The budget is a step in the right direction, using both tax increases and spending cuts to cut the deficit and investing in infrastructure and other job creation measures to continue the economic recovery.

Like any budget, Obama’s is complicated, containing investments and cuts to various programs. With that in mind, ThinkProgress compiled 10 facts about the Obama budget based on the White House fact sheet and other reports:

1. The budget includes $350 billion in short-term measures to encourage job growth, including $50 billion in immediate infrastructure investment, $30 billion to rebuild schools, and year-long extensions of the payroll tax holiday and unemployment insurance.

2. The implementation of the Buffett Rule and the repeal of the Bush tax cuts for the wealthy helps reduce the deficit by $1.5 trillion over the next 10 years.

3. For every $1 in new revenue from those making more than $250,000 per year and from closing corporate loopholes, the budget has $2.50 in spending cuts including the deficit reduction enacted over the last year.

4. The total budget reduces the deficit by $4 trillion over the next decade.

5. Obama preserves the maximum Pell Grant award, a key difference from the GOP budget, and makes permanent then Americans Opportunity Tax Credit, which helps 9 million families afford the costs of college.

6. Unlike the last two GOP budgets, Obama’s budget protects Medicare and Medicaid from structural changes, and through small tweaks, saves $360 billion from those programs.

7. States will receive $30 billion in aid to prevent further layoffs of firefighters, teachers, and police officers, some of the hardest-hit workforces in the nation.

8. The budget eliminates 12 tax breaks to oil, gas, and coal companies, saving $41 billion over 10 years.

9. Obama preserves planned cuts to the Defense Department negotiated in the debt limit deal last August.

10. The budget maintains goals of putting one million electric vehicles on the road by 2015; doubling share of electricity from clean energy sources by 2035; and reducing buildings’ energy use by 20 percent by 2020.

As the Center for American Progress’ Michael Linden notes, Obama’s budget is far from perfect. It’s spending caps are too low, it’s defense cuts are too small, and it contains less new revenue than bipartisan plans like Simpson-Bowles and Rivlin-Domenici. But it prioritizes job creation and economic development and keeps America on the path to recovery, something Republican plans, unfortunately, fail to do.

This post was originally published by ThinkProgress.

 

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52 comments

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10:12AM PDT on Apr 17, 2012

Well lets look at why we have this econonmic mess in the first place. It is because of these endless wars in the middle east that are draining our nation. It is because of the tax cuts to the rich that were supposed to create jobs. Well we cut the taxes and what did it do to our national income? and look at what we got out of it.... nothing.

8:20PM PDT on Mar 12, 2012

Thank for the article.

7:12PM PST on Feb 22, 2012

Ya, his spending is way above what we take in. The spin they put in that list is hilarious.

5:20PM PST on Feb 20, 2012

Steve r,

1. Spending money that Amerika does not have is nothing something new, stupid but not new.

2. When you take on the insanity of the previous regime you also take on the their debt and their immeasurable guilt.

3. To overcome the previous comes a need to repair that debt...yes, tax increase, the true answer is to stop the cause of the previous, yet it shall not be realized.

4. Stevey, Mine runs off solar and wind. What does your Pinto run on?

5. American workers have been so lazy over the years, they take what they can get, yet they never realize that they are screwing themselves. Occupy America.

There are many factors that have brought us to this place, the answer has always been in staying awake and active.

6. Yes, US BIG GOV will increase, but this has been an unnatural event, since the early 1950's, the majority lies within the military sector.

7. Overstated, but true.

8. Correct, but for just imagine...Baby Bush and 4 mores years...Game Over.

3:14PM PST on Feb 19, 2012

Wow Obama is really getting serious now. Another $1.3trillion added to the debt in 2012. And they always talk about what they will do over 10 years, long after they are out of office. Can you say kick the can down the road?

“today I’m pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.” Obama

How about some real cuts before we become Greece or worse as we are too big to be bailed out?

Ron Paul proposes $1trillion in cuts in his 1st year and a balanced budget by the 3rd.
http://www.ronpaul2012.com/the-issues/ron-paul-plan-to-restore-america/

2:19PM PST on Feb 17, 2012

greg r. What do you know, a republican from New Zealand thinks he knows more then Presedent Obama! Only if the repugs manage to screw it up will it not happen!

1:56PM PST on Feb 17, 2012

Fact number 11 about Obama's budget....Congress will never let it pass, they probably won't even look at it.

12:42PM PST on Feb 17, 2012

Greg R. Show the numbers.

11:26AM PST on Feb 17, 2012

If you believe there's a Defense Cut then you probably also believe in Santa Claus.
The cut is merely the amount the Pentagon's wish list got reduced and is in fact an increase in Defense spending over the next 10 years including increases for anticipated Consumer Price Index rises.
The Hegemonic Murdering United States of Assassins is operating business as usual.
I guess if you believe in Santa Claus you also believe the BS in the MSM...

Hi Ho, hi Ho it's off to work we go..

gotta pay the bankers,

gotta pay the bankers,

gotta pay the greedy bankers,

oh yeah...

11:01AM PST on Feb 17, 2012

Mark. Don't blame Obama, he is certainly better than any of the GOP alternatives, although he is not perfect. If you want better Government work with the Occupy movement to get corporations out of politics. Work to pass a constitutional amendment that says corporations are not people and money is not speech. Then we can go on to mandate publicly financed elections and make politicians once and for all answerable to the people.
Quit your bitching and do something worthwhile. Do you even vote ?

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