Obama Takes Aim at GOP Policies in 2013 Budget
By JARED A. FAVOLE And COREY BOLES
WSJ
WASHINGTON—President Barack Obama used his $3.8 trillion fiscal 2013 budget proposal to attack Republican policies, a dramatic shift from previous White House budget plans that underscores the high political stakes of this election year.
Mr. Obama's proposal projects a budget deficit of $1.33 trillion for the fiscal year beginning Oct. 1, equivalent to 8.5% of gross domestic product, a measure of all economic output. That would mark the fourth straight year of deficits exceeding $1 trillion. The plan focuses on tax increases for the wealthy and more spending on infrastructure, education and manufacturing.
"Unfortunately, Republicans in Congress blocked both our deficit reduction measures and almost every part of the American Jobs Act for the simple reason that they were unwilling to ask the wealthiest Americans to pay their fair share," Mr. Obama said in the opening message for his budget proposal, referring to a plan he released in September that was aimed at cutting taxes while boosting job growth.
The president added his budget proposal "rejects the 'you're on your own' economics that have led to a widening gap between the richest and poorest Americans that undermines both our belief in equal opportunity and the engine of our economic growth."
(More here.)
WSJ
WASHINGTON—President Barack Obama used his $3.8 trillion fiscal 2013 budget proposal to attack Republican policies, a dramatic shift from previous White House budget plans that underscores the high political stakes of this election year.
Mr. Obama's proposal projects a budget deficit of $1.33 trillion for the fiscal year beginning Oct. 1, equivalent to 8.5% of gross domestic product, a measure of all economic output. That would mark the fourth straight year of deficits exceeding $1 trillion. The plan focuses on tax increases for the wealthy and more spending on infrastructure, education and manufacturing.
"Unfortunately, Republicans in Congress blocked both our deficit reduction measures and almost every part of the American Jobs Act for the simple reason that they were unwilling to ask the wealthiest Americans to pay their fair share," Mr. Obama said in the opening message for his budget proposal, referring to a plan he released in September that was aimed at cutting taxes while boosting job growth.
The president added his budget proposal "rejects the 'you're on your own' economics that have led to a widening gap between the richest and poorest Americans that undermines both our belief in equal opportunity and the engine of our economic growth."
(More here.)
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