Obama Unveils His “Take it Or Leave It” $3.77 Trillion Budget

Said budget has managed to annoy both Democrats and Republicans

(Washington Post) President Obama plans Wednesday to unveil a $3.77 trillion spending plan that proposes modest new investments in infrastructure and education, major new taxes for the wealthy and significant reforms aimed at reducing the cost of Social Security and Medicare.

As Washington barrels toward another potential showdown over the federal debt limit later this summer, administration officials said the blueprint lays down the president’s bottom-line offer for getting federal borrowing under control.

“We don’t view this budget as a starting point in the negotiations. This is an offer where the president came more than halfway toward the Republicans,” a senior administration official told reporters Tuesday, speaking on condition of anonymity to detail the forthcoming document.

So, Pharaoh Obama is saying “here it is. I won’t negotiate on it. Pass it. Period. So let it be written, so let it be done.” Republicans aren’t keen on it, based on the pre-release information, as it increases spending, taxes, and deficits. The GOP says they already did tax increases during the previous deal, and won’t allow more taxes now. Obama’s budget imposes the “Buffett Rule”, requiring the uber-rich to pay at least 30% of their earnings (no mention of whether this is aimed at just “income” or includes all earnings, such as with capital gains) which will not take into account any charitable giving.

Liberals are upset over the supposed reductions in safety net programs, SSI, Medicare, Veterans Affairs, etc. The Chained CPI notion has really got the Dems panties in a bunch.

While seeking to reduce borrowing, the budget plan also proposes new spending to pump up the sluggish economy. The blueprint includes $50 billion for infrastructure projects, $1 billion for 15 new institutes to promote innovation in manufacturing and $8 billion for community-college programs that prepare students for existing jobs.

So, more pork barrel spending on infrastructure that should have been fixed through the Stimulus. Money to hook up Obama donors while he picks and chooses winners and losers. Money to train people for jobs that are not available in the Obama Economy.

The cost of those investments, officials said, would be covered through new taxes, including a $3 million cap on the value of individual retirements accounts and higher taxes on investment income earned as “carried interest.” Obama is also proposing to raise taxes on tobacco products to pay for a dramatic expansion of pre-school programs for low-income 4-year-olds.

All people will do is move the money that would have gone into IRAs elsewhere, which could take that money out of the US economy. When you’re talking about quite a few IRAs, yes, the money is meant to be shielded from the government taxing it, but it ends up being used for lots and lots of investments, including home and business loans, venture capital, mutual funds, stocks, and other means that help the private economy and other Americans.

Anyone want to place a bet on whether Senate Majority Leader Harry Reid (Dem) will even bring it up for a vote? I’m betting “no way in hell”. It’s a more serious budget than Obama has proposed previously, but it’s a loser from the get go.

Crossed at Right Wing News and Stop The ACLU.

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6 Responses to “Obama Unveils His “Take it Or Leave It” $3.77 Trillion Budget”

  1. john says:

    800 billion was the cost of teh stimulus about 1/3 went to tax reduction. Any problem with that Teach ? 1/3 went to the states so they could pay their first responders and teachers (and of course red states get more from the Feds tahn they give) and 1/3 went for everything else. The amount allocated for roads and bridge repair ? about 30 billion. Total INFRASTRUCTURE ?? 1/8of the total 800 billion
    http://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009#Infrastructure_Investment

  2. john says:

    The United States voted overwhelmingly for Obama to be our POTUS. Most Americans view th GOP as being obstructionists.

  3. john, the stimulus was a massive failure and most economists believe without the stimulus, economic recovery would have taken place much faster.

    Whether Obama was elected is not the issue because that is in the past. What matters now is performance and his approval ratings are down, his approval ratings on the economy are way down, his approval ratings on his handling of energy, foreign affairs, immigration and just about everything other than his being a “nice guy” and his golf game are down.

    Why don’t you talk about those polls john? Just another case of sticking your head in the sand.

    The budget proposed by Obama has limits on retirement funds. Tell us all john, do you think the government has the right to tell people how to invest their own money? Do you think the government has the right to determine how a person sets up their own retirement funds?

    Thank goodness Republicans are seen as obstructionists. The Founding Fathers and those who fought for the freedoms you enjoy were considered obstructionists and traitors. Someone has to stop the assault on Americans and their freedoms, so it might as well be people that are Republicans.

    The real question is “why do you oppose America and freedom?”

  4. And that infrastructure money was a complete waste, John. I have a suggestion for you: send lots more of your money to the IRS. Get all your progressive friends to do the same.

  5. Some call me.....Tim says:

    @ John,

    It’s a good thing that Republicans are seen as obstructionists too! That is the way that the founders of this great nation set things up. It’s called checks and balances!
    If it had not been set up that way, one branch of government could steamroll the others with their agenda.

  6. Gumball_Brains says:

    I don’t see it getting any votes. None of Obama’s budgets have ever gotten many Yea votes even from Democrats over the last 4 years. Dont see it changing.

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