President Barack Obama sent Congress a $3.8 trillion budget plan today with spending cuts and tax increases targeting the rich, all in an election-year package for America in a budget that was under massive attack from the republicans.
Obama's 2013 budget urges the congress to shore up to $800 billion for job creation and infrastructure investment, while requesting a minimum 30 percentt ax on high-earners in a rule named after billionaire investor Warren Buffet.
This budget is a step in the right direction and brings out a roadmap for how we can grow the economy, create jobs and maintain the nation's security, Obama said in a message to Congress accompanying the budget for fiscal 2013.
The Budget shows Obama will fail to keep his 2009 pledge of cutting the deficit in half by the end of his first term in office, which means the federal deficit will run over the trillion-dollar milestone for the fourth consecutive year.
Accordingly, deficits would remain high this year and next before starting to fall back. The forecast shows a deficit of $1.3 trillion this years, or 8.5 percent of the GDP, while the deficit is projected at $901 billion or 5.5 percent of the GDP in the fiscal 2013.