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President Obama

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Submitted By genobee
Words 256
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Title:Republicans attack Obama's proposed 2013 budget Date:2/20/12

The President’s plans to provide a solution to the struggling economy’s deficit has come under attack by Republicans for being similar to the same solutions that had little results. With a new budget deficit off 1.3 trillion plus this year, $901 Billion the coming year, the president plans to achieve a reduced deficit of $4 trillion withing a decade, cutting spending by 2.50 for every $1. He plans to achieve this by increasing taxes on the upper-class, wealthy corporation, and decrease government spending. The budget has several initiative, such as highway construction, school modernization, and tax credits for businesses creating jobs. There is also a rule dubbed the “Buffet rule”, which implies that any household earning more than one million that year is liable to pay 30 percent of their taxes. With the Nations debt topping $15 trillion, Republicans argue that increasing taxes would not help curb the national deficit, but what's really need is an overhaul of programs like Medicare, that doesn't require tax increase. Republicans believe that the deficit proposition president Obama is proposing isn't Sacrificing enough and adding a 10-years $61 billion in the interest of the bailout big banks accept back in 2008 is also not favourable. Republicans also criticize the president for spending 670 Billion on road construction and transportation programs in a six year period, an increase from previous years.

URL:http://www.usatoday.com/news/washington/story/2012-02-12/obama-budget/530581321

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