President Barack Obama’s first budget, which he is scheduled to deliver to Congress today, will provide more details about how the new U.S. administration plans to tackle its ambitious agenda on the economy and foreign policy.
The Washington Post reports the plan, which will call for a budgetary expansion in the near-term but then longer-term cuts, is built on the assumption that Congress can resolve some politically contentious issues.
http://m1e.net/c?85206845-sP5A6TJ8nBMfU%404018073-yZO3du3xJsHfc For instance, the Post reports Obama’s plan seeks to make permanent the president’s tax cuts for the middle-class, and to pay for it using an infusion of cash from a politically controversial cap-and-trade system for carbon emissions. The Wall Street Journal looks at another major outlay, for healthcare expansion, and says Obama’s budget will propose tax increases on upper-income Americans and cuts in government spending--particularly on the Iraq war--to pay for it. http://m1e.net/c?85206845-UEn8T2WnNvVY2%404018074-5S60PoSYhOvWo The Post article reports, however, that some of the plans projected savings are based on the unrealistic premise that Washington would otherwise continue to spend $170 billion y early on the Iraq war. By Ton.

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