Obama’s Budget Plan Dodging Bullets
February 5, 2010
Obama’s new budget plan for 2011 has Republicans complaining that it does not address the deficit soon enough and raises taxes too high. Even Democrats are outraged over Obama’s spending cuts.
The Associated Press just released on the wire the trouble on Capital Hill with the new Obama 2011 budget. This new budget is not seen as a rainbow for many that are still struggling with public anger over bonuses, bailouts, and of course the mounting deficits. Rumor has it that Obama may not win the support he needs for major factors of his 2011 budget even within the Democratic Party.
Some of the fuel behind the fire of being against the President includes:
Bill Nelson – Senator – Democrat in Florida stated the canceling of NASA’s manned moon program was not looking toward the future
Patty Murray – Senator – Democrat in Washington put down the partial three-year spending freeze on the Army Corps projects
Jay Rockefeller – Senator – Democrat in West Virginia stated that the new environmental concerns would be a major problem in coal states including his own.
Timothy Geithner, Treasury Secretary, stated that throughout all the bickering on Capital Hill he sees a consensus that “deficits matter, tax cuts are not free.” Geithner went on to explain, “The American people want to see their leaders coming together and bringing practical solutions.”
The one good thing is that both sides are pretty close to agreeing on the proposal to provide companies with a $5,000 tax credit for every new employee they put to work in 2010. Chairman Max Baucus – Democrat Montana stated, “We need to work on legislation that will create jobs. And we need to work across the aisle, so that the legislation on which we work can become law.”
His proposed tax increase on families making over $250,000 a year is very controversial with many small businesses being in this category. Small business will not hire new employees to gain a $5,000 tax credit if they are going to have tax increases for making over a certain amount.
Both sides are still taking apart the budget plan and each side has their opinion. I wonder if either side has taken the time to listen to the American citizens.
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