Obama Releases Budget
Posted at 11:45 a.m. on April 10
President Obama unveiled his fiscal year 2014 budget proposal, including “nearly $250 billion in new spending on jobs, public works and expanded pre-school education and nearly $800 billion in new taxes, including an extra 94 cents a pack on cigarettes,” according to the Washington Post.
“But the president’s spending plan would also cut more than $1 trillion from programs across the federal government — for the first time targeting Social Security benefits… his budget seeks $50 billion in new cash for roads and public works, $1 billion for 15 new institutes to promote innovation in manufacturing and $77 billion to make free, public pre-school available to 4-year-olds nationwide.”
Wall Street Journal: “The budget would replace the across-the-board spending cuts known as the “sequester” with new caps on military and domestic spending, higher taxes, and changes to Medicare and Social Security, among other things… The budget calls for raising the federal tax on a pack of cigarettes from $1.01 to $1.95, which the White House says would raise $78 billion over 10 years… It would also, for the first time, propose forcing banks and other firms to pay higher taxes on trading of derivatives by accounting for gains and losses each year, raising $19 billion over 10 years.”
Politico: ”One novelty in the fiscal 2014 submission was that Pentagon officials evidently feel they’ve culled all the high-profile weapons programs they need – Wednesday’s submission did not contain news of any major cancellations. In fact, it includes funding for a new Air Force rescue helicopter program; fully supports Lockheed Martin’s controversial F-35 Lightning II with orders for 29 aircraft; and continues supporting nascent programs such as the Army’s Ground Combat Vehicle and the Marine Corps’ Amphibious Combat Vehicle.”