Obama Proposes $3.8 Trillion Budget
时间：2012-02-14 06:22:23
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President Barack Obama says the 2013 fiscal1 year budget he sent to Congress on Monday will reduce deficit2 spending in a balanced way by $4 trillion over the next decade and require wealthy Americans to contribute more, while preserving investments to help boost the U.S. economy.
Mr. Obama, who pledged to cut the federal budget deficit in half by the end of his first term, projects a $1.33 trillion deficit for this year. It will be the fourth
consecutive3 year that the budget deficit will be more than $1 trillion, although declines are projected next year and beyond.
Through a combination of higher taxes on corporations and the wealthy, and the presumed end of tax cuts on annual incomes exceeding $250,000 that were
enacted4 during the George W. Bush administration, Mr. Obama proposes to raise $1.5 trillion in taxes over 10 years and reduce the federal deficit by $4 trillion.
The plan includes an agreement reached with Congress last year to cut $1 trillion as part of deficit and debt reduction.
Savings5 from ending the wars in Iraq and Afghanistan, and reductions in
defense6 spending are also figured in.
Under the proposed budget for 2013, $476 billion would go to upgrade
infrastructure7, $350 billion would be spent to create jobs - a reduction from Mr. Obama's $447 billion jobs bill that was blocked by Republicans lawmakers. Billions of dollars would be spent to hire teachers and police, repair schools, and promote research and development.
In remarks at a community college in
suburban8 Washington, the president said the budget contains "tough choices," but reflects his determination to boost the economy through investments in education, manufacturing and clean energy.
"We can't cut back on those things that are important for us to grow. We can't just cut our way into growth. We can cut back on the things that we don't need but we also have to make sure that everyone is paying their fair share for the things that we do need," Mr. Obama said.
The 2013 budget projects about $360 billion in savings through adjustments in the large government health care programs - Medicare and Medicaid. About $278 billion would come from other cost-saving measures, including requiring more pension and other contributions from federal employees.
Republicans in Congress already have declared the proposal "dead on arrival."
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