President Barack Obama’s fiscal 2015 budget, which he believes sets a pathway for the future of America, is nearly $4 trillion, and Republicans already hate it.
Building on his progressive to-do list outlined in the recent State of the Union Address, Obama spoke Tuesday about his budget proposal at Powell Elementary School in Washington, D.C. where he said it lays the groundwork for success for children like those he met on the visit.
“My budget is designed with their generation and future generation in mind,” Obama said.
Highlighting on Tuesday that his $4 trillion proposal adheres to the spending levels set forth in the recent bipartisan budget compromise, Obama said his plan builds on that deal by offering growth opportunities.
Under his plan, some 45 high-tech manufacturing hubs would be created; access to high-quality pre-school and apprenticeship programs would be expanded; there will be a $1 billion climate change fund; and an expansion of tax credits that would be paid for through loophole closures.
It’s a budget to bring America’s fiscal house in order, Obama said, while giving Republicans a challenge, “We’ve got to decide if we’re going to continue squeezing the middle class or [bring down the deficit responsibly.]”
Republicans aren’t impressed with the budget, which was about a month late. House Budget Committee Chairman Paul Ryan, R-Wis., pointed out that Obama’s budget proposal increased spending by $791 billion over the budget window and is also a $56 billion increase over the level set by the Bipartisan Budget Act. Looking a decade out, Ryan also said Obama’s budget would add $8.3 trillion to the national debt and call for some $1.8 trillion in new taxes even though his administration has already increased taxes by $1.7 trillion.
It’s a “disappointment,” the chairman said of Obama's budget proposal, because it “reinforces the status quo” of demanding families pay more for Washington to continue its spending spree.
Summing the president’s plan up as not serious but a “campaign brochure,” Ryan said, “This budget never balances -- ever.”