Thursday, February 26, 2009

Obama unveils $3.6 trillion budget, $1.75 trillion deficit

Republicans will certainly pounce on the latest news from the Obama administration revealing a proposed $3.6 trillion budget for 2010.

Obama's plan includes up to $750 billion in additional bailout money for banks, and a $1.75 trillion deficit. A "reserve fund" of $634 billion will be used to help pay for the president's universal health care plan.

To pay for the proposed budget increase, Obama plans a series of tax rate increases including one on the top bracket individuals making more than $200,000 a year. Families making more than $250,000 a year will also have their deductions reduced.

Capital gains tax rates for people in the top tax bracket would increase to 20 percent, up from 15 percent.

Some $353 billion over 10 years will be raised through "revenue changes and loophole closures" for business entities.

Obama also plans to raise $645 billion through a pollution tax using a cap-and-trade system that allows less-polluting companies to sell carbon credits to those who produce more pollution.

Obama Budget Sees $1.75 Trillion Deficit

New York Times - ‎56 minutes ago‎
President Obama, with Vice President Joseph R. Biden Jr. and Treasury Secretary Timothy F. Geithner, spoke about the budget on Thursday at the Eisenhower Executive Office Building in Washington.

1 comment:

Jonny said...

For those that missed the President’s address yesterday, he offered up a whole lot of promises: rebuilding the economy, reforming health care, addressing education, solving the world’s energy crisis. Just about the only thing he didn’t promise was the moon, which I suspect he’s saving for his state of the union address. For more check out

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