White House touts budget as right mix of taxes, cuts
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National Economic Council Director Gene Sperling and Council of Economic Advisers Chairman Alan Krueger, right, participate Monday in a news conference on the Obama administration's budget in Washington.
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WASHINGTON -- Education, infrastructure and job creation emerged as top priorities in President Barack Obama's election-year budget that would increase taxes on the wealthy while cutting spending on discretionary programs.
The White House characterized the $3.8 trillion budget that Mr. Obama outlined Monday at a community college outside Washington as a blend of revenue increases and program cuts.
But Republicans immediately railed against it, calling it an irresponsible plan that cuts too little, taxes too much and relies on policies that Congress has already rejected.
The spending plan for the budget year that begins Oct. 1 projects a deficit for this year of $1.33 trillion. That would mean four straight years of trillion-dollar-plus deficits. Administration projections show the deficit declining to $901 billion in 2013, with continued improvements shrinking it to $575 billion by 2018.
The administration pledged to put the country on a path to reduce overall federal debt by $4 trillion over the next decade. It aimed to accomplish that by boosting the economy through job creation and educational programs geared toward employment opportunities in growth sectors such as health care and technology.
"What is at stake is whether or not this will be a country where working people can earn enough to raise a family, build a modest savings, own a home and secure their retirement," Mr. Obama said in his message to Congress accompanying his spending plan.
"This budget reflects my deep belief that we must rise to meet this moment -- both for our economy and for the millions of Americans who have worked so hard to get ahead," he said. "Our country has always done best when everyone gets a fair shot, everyone does their fair share and everyone plays by the same rules."
But Senate Minority Leader Mitch McConnell promptly called the budget a political document and questioned both the president's motive and his means. "The president's goal isn't trying to solve our problems, but to ignore them for another year, which will only ensure they get even worse," he said in a statement Monday afternoon.
First Published February 14, 2012 12:00 am
