Obama budget pitch runs $1.75-trillion deficit: Commissar Hussein’s Monopoly™ $$$
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President Barack Obama Thursday laid out his vision for a massive shift in U.S. federal government spending and taxation priorities, unveiling a budget that projects a US$1.75-trillion deficit this year. Billions of dollars will be redirected for health care, clean energy and education programs, and high-income Americans will have to shoulder a huge portion of the cost. Under new tax proposals, Mr. Obama expects to raise almost US$1-trillion from the top 2% of American earners. “The era of big government is back, and Democrats want you to pay for it,” said House Republican leader John Boehner of Ohio. He said Mr. Obama was starting to make former president George W. Bush “look like a piker when it comes to spending.” Unveiling a US$3.55-trillion budget for fiscal year 2010, Mr. Obama warned,”Just as a family has to make hard choices about where to spend and where to save, so do we as a government. There are times where you can afford to redecorate your house, and there are times where you need to focus on rebuilding its foundation. Today, we have to focus on foundations.” At the heart of Mr. Obama’s budget plan is the creation of a US$634-billion “reserve” health care fund over the next decade. The money will be set aside to help provide medical insurance for Americans as the new administration embarks on an ambitious plan to expand coverage in the United states.to pay for the health fund and other spending, Mr. Obama said he would roll back Bush-era tax cuts on Americans earning more than US$200,000 a year and families earning in excess of US$250,000. The proposal would raise US$636-billion in tax revenue over 10 years and see the rate charged on Americans in the highest tax bracket jump from 35% to above 39%.In addition, wealthier Americans would face sharp cuts in the value of tax deductions they claim, raising another US$318-billion.by rolling back tax cuts for high-income earners, the White House said it was “rebalancing the tax so that the wealthiest pay more” to offset health costs […]