Obama unveiled a budget with a tax increase for the rich

U.S. President Barack Obama Monday unveiled a 2013 budget with a strong electoral combining tax increases for the rich and infrastructure investments, nine months before seeking a new four-year lease at the White House. In line with his speech on the state of the Union Jan. 24, when the president wished the Congress face an economy in which “everyone has a chance, where everyone does his due, and everyone plays under the same rules “, this budget should be the pride of the stimulus. Even if a continuation of the agreements on the fight against deficits concluded with parliamentarians in 2011, with a lower expenditure of 1.000 billion over ten years, this budget intended to apply from 1 October next still provides a deficit of 901 billion for the year, or 5.5% of gross domestic product (GDP). “I think there is broad agreement to say that this is not the time to apply austerity”, said Sunday the Secretary General of the White House, Jacob Lew, on-air television NBC. The Obama team is encouraged by the drop in official unemployment rate of 8.7% to 8.3% in two months, hoping to sign an upturn after the recession of 2007-2009 which had destroyed more than eight million jobs and contributed to growing public deficits to unprecedented levels. Republican opponents of Mr. Obama, who are the majority in the House of Representatives and will therefore give the green light to the application of all or part of this budget, he had already expressed their opposition, saying it was far from enough to deal with public debt approaching 100% of GDP. “In short, the White House response to the increase of our debt is bof + +”, quipped Monday morning Brendan Buck, spokesman for the Republican chairman of the House John Boehner, on his Twitter account. The candidate for the Republican Mitt Romney said that the budget was “an insult to American taxpayers” and that the president “does Offr (has) no credible proposal to solve the crisis” ahead of social programs. On the revenue side, this budget includes measuring star mentioned by Obama on Jan. 24, the “rule Buffett” name multibillionaire Warren Buffett, which means that households with incomes over one million dollars per year are not subject to a lower tax rate to 30%. The president also wants to let it expire for the wealthiest tax breaks granted by his predecessor, Republican George W. Bush made 360 ​​billion savings in social spending and cut 5% of military spending over the current budget year, according to a plan already officially recorded by the Pentagon. By eliminating niches for fossil fuels, the budget plan has $ 41 billion extra tax revenue over ten years. It also plans to contribute to the banks under their responsibility in the 2008 financial crisis through a special levy expected to realize $ 61 billion, still about ten years. On the expenditure side, the proposed budget provides more than $ 350 billion to boost jobs and 476 billion for infrastructure. In the absence of any prospect of adoption of these measures in the House, and while Obama’s allies in the Senate majority said they did not intend to vote, this document can be interpreted as a rationale for further debate by the presidential Nov. 6. Obama was scheduled to begin on Monday to explain, while traveling in Virginia (is) an important state on the electoral map where he planned to speak against students from 1600 GMT.

Leave a comment

Your email address will not be published.