WASHINGTON - President Barack Obama proposed a $3.73 trillion budget Monday for fiscal 2012 that he said will start reining in runaway budget deficits, but his plan envisions the gross national debt swelling by almost $13 trillion over a decade.
Obama's budget sets up a clash with the Republican-led House of Representatives over how to recover from the deep recession of recent years and strengthen the economic foundation for the future, with federal spending the pivotal battleground.
Obama would include spending boosts for education, infrastructure and research that he says are critical for recovery, but he would cut overall federal spending by $90 billion from last year in fiscal 2012, which begins Oct. 1.
President Obama proposed a $3.73 trillion budget Monday for fiscal 2012 that he said will start reining in runaway budget deficits, but his plan envisions the gross national debt swelling by almost $13 trillion over a decade.
President Barack Obama on Monday proposed a federal budget for fiscal 2012 that would pare back record budget deficits, but still add nearly $7 trillion to the nation's debt over the next decade.
Putting on the brakes after two years of big spending increases, President Barack Obama unveiled a $3.7 trillion budget plan Monday that would freeze or reduce some safety-net programs for the nation's poor but turn aside Republican demands for more drastic cuts to shrink the government to where it was before he took office.
Putting on the brakes after two years of big spending increases, President Barack Obama unveiled a $3.7 trillion budget plan Monday that would freeze or reduce some safety-net programs for the nation's poor but turn aside Republican demands for more drastic cuts to shrink the government to where it was before he took office.
There may have been a time when federal spending cuts north of $1 trillion proposed by a president - a Democratic president, to boot - would have been a big number.
He also said he would cut this year's record $1.65 trillion deficit to $1.1 trillion next year, but he avoids tough choices on such big issues as Medicare, Medicaid and Social Security, which together are driving the national debt skyward.
His blueprint envisions federal spending jumping by $363 billion in the current year, dropping by $90 billion the next year, then rising again by an average of $218 billion a year for nine years. That would leave the government $26.35 trillion in debt after 10 years - an increase of $10.87 trillion over this year, and $12.82 trillion over last year.
Read more: Obama's budget would add $13 trillion to national debt - Politics - Wire - TheSunNews.com
Obama's budget sets up a clash with the Republican-led House of Representatives over how to recover from the deep recession of recent years and strengthen the economic foundation for the future, with federal spending the pivotal battleground.
Obama would include spending boosts for education, infrastructure and research that he says are critical for recovery, but he would cut overall federal spending by $90 billion from last year in fiscal 2012, which begins Oct. 1.
President Obama proposed a $3.73 trillion budget Monday for fiscal 2012 that he said will start reining in runaway budget deficits, but his plan envisions the gross national debt swelling by almost $13 trillion over a decade.
President Barack Obama on Monday proposed a federal budget for fiscal 2012 that would pare back record budget deficits, but still add nearly $7 trillion to the nation's debt over the next decade.
Putting on the brakes after two years of big spending increases, President Barack Obama unveiled a $3.7 trillion budget plan Monday that would freeze or reduce some safety-net programs for the nation's poor but turn aside Republican demands for more drastic cuts to shrink the government to where it was before he took office.
Putting on the brakes after two years of big spending increases, President Barack Obama unveiled a $3.7 trillion budget plan Monday that would freeze or reduce some safety-net programs for the nation's poor but turn aside Republican demands for more drastic cuts to shrink the government to where it was before he took office.
There may have been a time when federal spending cuts north of $1 trillion proposed by a president - a Democratic president, to boot - would have been a big number.
He also said he would cut this year's record $1.65 trillion deficit to $1.1 trillion next year, but he avoids tough choices on such big issues as Medicare, Medicaid and Social Security, which together are driving the national debt skyward.
His blueprint envisions federal spending jumping by $363 billion in the current year, dropping by $90 billion the next year, then rising again by an average of $218 billion a year for nine years. That would leave the government $26.35 trillion in debt after 10 years - an increase of $10.87 trillion over this year, and $12.82 trillion over last year.
Read more: Obama's budget would add $13 trillion to national debt - Politics - Wire - TheSunNews.com
