Barack Obama rolled out his ambitious 2010 budget proposal today, promising a break from the “dishonest accounting” of the past. “For too long, our budget has not told the whole truth,” the president said. “Large sums have been left off the books, including the true cost of fighting in Iraq and Afghanistan.” The 140-page budget summary Obama sent Congress inflates the deficit, but also cuts spending in many areas, CNN reports.
Renewable energy, education and health care all get increased spending, but Obama’s proposing cuts of farm subsidies, expensive Pentagon weapons programs, and the “carried-interest” loophole used on Wall Street. None of that will balance the budget, of course. “We must add to our deficits in the short term,” Obama said. But he promised to cut them in half by the end of his term, warning that “some hard choices lie ahead.”