The White House will send President Obama’s budget proposal to Congress this morning. The budget shows no signs of spending cuts anytime soon. While the Obama Administration has told Europeans to get their debt under control, that medicine does not seem to apply to the President, who seems to be on a spending frenzy. The proposed budget has another deficit of $1 Trillion. With a debt ceiling of $16.2 Trillion one has to question Obama ideological rationale.
Fourth year of Trillion dollar deficits, declining to $901 Billion in 2013,
$1 Trillion reduction in discretionary spending over ten years, most being in the outyears,
$350 Million in stimulus spending for infrastructure and job creation,
Extension of the Payroll Tax Cut for the Remainder of the year,
$30 Billion to modernize schools, along with another $30 Billion to retain or hire firefighters
A call for the expiration of the Bush tax cuts and implementation of the Buffet rule at 30% minimum rate on the rich.
Both sides of the aisle have indicated that Obama’s budget proposal will go nowhere. GOP leaders call the budget the largest tax increase in U.S. history and said that it would be bad for jobs. Harry Reid has indicated “We do not need to bring a budget to the floor this year – it’s done, we don’t need it.”
This will be the second year in a row that Obama’s budget will not be approved by Congress. The Democrats have not proposed a budget for over 1000 days and obviously it would nail them down in an election year.
Obama will use this budget to continue his onslaught on the rich, the so-called 1%, as the champion of the middle class. Congressman Paul Ryan and his budget committee will introduce a House budget, which will probably be passed by the House, but go nowhere in the Senate. So goes the “do nothing” Congress. The House passes and the Senate doesn’t take it up. Oh those bad Republicans – Go figure.