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NEWS ABOUT: Obama budget

Obama Unveils $3.8T Budget, Targets Rich

Budget would institute 'Buffett Rule,' boost infrastructure

(Newser) - President Obama officially unveiled his $3.8 trillion budget today, and as expected it draws a 2012 battle line, calling for higher taxes on the wealthy combined with spending measures intended to bolster the economy, the AP reports. "We built this budget around the idea that our country has... More »

Obama on Debt Talks: 'I Will Not Yield'

...even though 'this may bring my presidency down'

(Newser) - We already knew last night's debt talks did not go well —but not only did President Obama leave "abruptly," he really put his foot down, Talking Points Memo reports: "I have reached the point where I say enough," he said, according to those present.... More »

Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

President says budget talks will continue 'every day'

(Newser) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "... More »

Paul Ryan Unveils Massive Cuts in GOP Budget

At the same time, it would lower taxes on corporations, the rich

(Newser) - Republicans unveiled a bold 2012 budget proposal today that, architect Paul Ryan boasts in a Wall Street Journal op-ed, “moves the debate from billions in spending cuts to trillions.” Ryan’s budget comes in at $3.53 trillion , or $179 billion less than President Obama’s . But he... More »

To Stave Off Shutdown, GOP Wants $12B in Cuts

New cuts would offer one-week delay

(Newser) - Once again, a government shutdown looms Friday—and another delay will cost $12 billion in budget cuts if the GOP has its way. The House Appropriations Committee is drafting a bill that will, for another $12 billion in new cuts, keep domestic agencies and the State Department running for one... More »

Deficit Gurus: Glass Still 'Half-Full'

Bowles and Simpson see time to improve Obama budget

(Newser) - Erskine Bowles and Alan Simpson think that President Obama's proposed budget "goes nowhere close" enough in reducing the US deficit, but the deficit-reduction panel's co-chairs say they "see the cup as half-full." "[We] think there is the real possibility that a bipartisan deficit reduction plan can... More »

Your Future Bill for the National Debt: $2,500 a Year

... actually, that'll just cover the interest

(Newser) - The next decade will see interest payments on the national debt quadruple, forcing every American to essentially pay more than $2,500 yearly, the Washington Post finds in a look at President Obama’s budget plan. That means that starting in 2014, net interest payments will exceed spending on all... More »

Obama Budget Throws Ambition to the Wind

President dials it down with eye on 2012

(Newser) - If President Obama’s new budget proposal is any indication, he’s vastly dialed back his first-term ambitions in the hopes of winning a second one, observe Peter Wallsten and Perry Bacon Jr of the Washington Post . Whereas two years ago Obama laid out a sweeping New Deal-esque plan with... More »

Winners, Losers in Obama's Budget

Kent Conrad, this is not going to be fun

(Newser) - President Obama released his budget today, giving pretty much everyone an ax to grind. But Meredith Shiner over at Politico runs down a list of the winners—as well as the losers—in the president's 208-page financial blueprint. Winners
  • Arne Duncan: Betting big on bipartisan support for education reform, the
... More »

Obama to Propose Middle-Ground Budget Cuts

Proposed cuts will reduce deficits by $1.1T over 10 years

(Newser) - The budget cuts President Obama will propose tomorrow likely won’t be as deep as Republicans want , but they will nonetheless promise $1.1 trillion in deficit reductions over the next decade, according to a senior administration official. Among the proposed areas to be affected in the fiscal 2012 budget:... More »

Obama's Next Budget Cut: Heating Aid for Poor

Move likely to draw sharp opposition from Democrats

(Newser) - President Obama’s 2012 budget proposal will include a drastic cut in a program that gives heating assistance to poor people, officials tell the National Journal . The move is likely to draw sharp opposition from Obama’s own party; earlier today, Chuck Schumer called a similar Republican proposal “extreme,... More »

Dems in Disarray Over Obama's Shift to the Center

Latest proposals on economy provoke grumbling

(Newser) - President Obama's efforts to send a clear message to voters on the economy are being muddied by infighting among Democrats. His plans to freeze federal spending and use TARP funds for small-business lending are meeting resistance from his party on Capitol Hill, while frustrated House Democrats complain that their Senate... More »

Obama's GOP Outreach Too Little, Too Late

Obama allowed Democrats to scorn Republican input: Rove

(Newser) - President Obama's televised question-and-answer session with House Republicans was a photo-op aimed at boosting his poll numbers instead of a real effort to seek input from the GOP, writes Karl Rove. The beleaguered president did get a modest bounce after the meeting, but it came at the expense of further... More »

NASA Moon-Shot Cities Blast Obama Cancellation

Cuts seen as threat to 'American spirit'

(Newser) - In cities where jobs depend on the NASA back-to-the-moon program, outraged locals see President Obama's move to shelve the program as a threat not only to the local economy but also to the American spirit of exploration. "People here care about going to the moon. The last thing they... More »

Reuters Kills Budget Story on WH Complaints

Pulled story said Obama budget had backdoor tax hikes

(Newser) - Reuters pulled an article suggesting President Obama's budget blueprint included backdoor tax increases last night after the news agency received complaints from the White House. The Reuters story was "falsely stating that the president's budget raises taxes for middle-class families, when in fact the opposite is true," a... More »

Schools Win; NASA Loses

First look at proposed 2011 budget shows sharp break between haves and have-nots

(Newser) - President Obama delivered his proposed 2011 budget to Congress today, and the Washington Post drills down to find the winners and losers. Winners first:
  • K-12 education: The Department of Education's budget will increase by 6%, or $3 billion.
  • Research: The proposal pumps up the Energy Department's budget 7%, or $2
... More »

Obama Readies $3.8T Budget With Record $1.6T Deficit

Record shortfall in current fiscal year would shrink to $1.3T in 2011

(AP) - President Obama's proposed budget predicts the national deficit will crest at a record-breaking $1.6 trillion in the current fiscal year, then start to recede in 2011 to $1.3 trillion, a congressional official said today. The new budget, out tomorrow, says deficits over the next decade will average 4.... More »

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