Thursday, April 17, 2014


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Obama Budget Plan Met With Bipartisan Resistance

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President Barack Obama has sent his $3.8 trillion budget plan to Congress.

The plan aims to cut the deficit by $1.8 trillion over the next 10 years, while investing billions in infrastructure and education.

Copies of the president's budget were wheeled into the Capitol Wednesday morning.

As expected, the spending plan calls for limits on tax deductions, and the implementation of the so-called Buffett Rule, a minimum 30 percent tax on households making more than a million dollars a year.

It would also nearly double the federal tax on cigarettes to $1.95 per pack.

That money would fund a new pre-school program for 4-year-olds.

"But if we're serious about deficit reduction, these reforms have to go hand in hand with reforming our tax code to make it more simple and more fair, to make sure the wealthiest individuals and biggest corporations cannot keep taking advantage of loopholes and deductions that most Americans don't get," Obama told reporters Monday.

The budget is drawing criticism from both sides of the aisle.

Democrats are angry about proposed cuts to entitlements including Social Security.

Republicans are still resisting calls for tax increases on the wealthy.

Obama will meet with senate Republicans at the White House Wednesday night to try and sell the budget plan. ClientIP:, UserAgent: CCBot/2.0 ( Profile: TWCSAMLSP