Thursday, April 11, 2013
FOXBusiness Obama Unveils 2014 Budget Proposal - By Kathryn Buschman Vasel
Obama Unveils 2014 Budget Proposal
Published April 10, 2013
FOXBusiness Read more: http://www.foxbusiness.com/personal-finance/2013/04/10/obama-budget-targets-millionaires-replaces-sequester-cuts/
The budget battle on Capitol Hill heated up Wednesday as President Barack Obama released his budget for fiscal 2014 that aims to find middle ground to progress long-stalled budget negations.
The president's budget includes 215 proposals to cut spending, will raise $680 billion in new tax revenues and reduce future deficits by $600 billion over 10 years. The White House says the president's plan includes $1.8 trillion in deficit reduction, replacing the $1.2 trillion in automatic spending cuts poised to take effect over the next 10 years.
The budget aims to find middle ground between the dueling parties by including reductions to popular entitlements, which doesn’t sit well with Democrats, as well as Republican-loathed tax increases.
"My budget will reduce our deficits by nearly another 2-trillion dollars so that, all told, we will have surpassed the goal of 4-trillion dollars in deficit reduction that independent economists believe we need to stabilize our finances," the president said in the Rose Garden on Wednesday.
Medicare and Social Security face cuts under the president’s budget, which has drawn criticism from members of his own party…
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