In his new budget plan, President Obama proposes to achieve $4 trillion in deficit reduction over the next decade through cuts in government spending and higher taxes on the wealthy.
The budget must be analyzed and agreed between upon Congress and the White House.
He also wants to improve spending in important areas such as education and transportation. Obama was scheduled to speak Monday morning to students atNorthernVirginiaCommunity Collegeto encourage the budget’s education initiatives.
The main idea is that the wealthiest Americans should pay more in taxes and an amount of that extra revenue should be spent on job creation, manufacturing and upgrading the nation’s schools.
According to the newspapers, President Obama would also introduce a new tax over 10 years on several banks focused on recuperating the costs of the financial bailout and offering money to help homeowners confronting with foreclosure on their homes.
But the Republicans leaders attacked the pronounced budget plan for failing to do more to cut the deficit, which Obama had promised in 2009 to cut in half by the end of his first term.Tags: money