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News
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Obama Introduces Record Spending, Staggering Budget Deficits |
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Saturday, 27 February 2010 |
Although Mr. Obama came to office with the deficit at a staggering $1.3 trillion, many argue that the economic stimulus bill and other spending programs are to blame for its persistence.
President Obama has requested three hundred billion dollars for job creation and recession relief as part of his $3.8 trillion budget. These monies will only modestly affect the rate of job growth for Americans and will result in the largest deficit in history. With unemployment rates nearing ten percent, Democrats facing difficult midterm elections this year are concerned about job creation.
President Obama’s budget includes a reduction in the deficit in the amount of $300 billion this year, with additional reductions over the next ten years in the amount of one trillion dollars. He has said that painful cuts will be needed to move toward a balanced budget. His proposal includes tax increases on wealthier Americans in the amount of one trillion dollars, as well as a freeze on many domestic programs for a savings of two hundred fifty billion dollars. The tax increase would affect married couples earning in excess of $250,000 and individuals earning more than $200,000. Those affected would face a tax rate as high as 39.6 percent and changes to the laws regarding charitable gifts and mortgage interest deductions.
Republicans counter that the spending reductions are too minimal to make any dent in the deficit, and decry the reliance on increased taxes and debt.
President Obama faces a nearly impossible task of creating a budget that does not deepen the recession, but one that also does not ignore the massive looming deficit. He has noted that the need to create more jobs necessitates increasing the deficit in the short-term. He has proposed a commission to recommend cuts to reduce the deficit and the federal debt, with recommendations due after the midterm elections in November.
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