International power country suffering form crisis due to war in Iraq, due to many changing next American budget. President Barack Obama policy to amplify taxes on the wealthy and cut spending for the war in Iraq as part of a plan to laceration the U.S. budget shortage to $533 billion by the end of his first term, consistent with an administration official.
Obama wants to reduce the deficit, because he is concerned that over time, federal borrowing will make it harder for the economy to grow and create jobs, said the official, who spoke on condition of anonymity.
Obama The deficit inherited it he took office last month was $ 1.3 trillion. The administration is scheduled to hold a so-called fiscal responsibility summit at the White House tomorrow, with about 130 people invited, including some 50 members of the House and Senate from both parties. An overview of Obama's budget proposal for the 2010 financial year which begins 1 October will be released Feb 26
"We've been on an incredible expenditure Spree," Senate Minority Leader Mitch McConnell said today on CNN. "So I think it is timely that the president during a meeting at the White House tomorrow to talk about the deficit because we spend money on a very, very rapidly, far beyond anything in history
The savings of most Americans more than $ 250,000 a year and make the war in Iraq winding down of the revenue raised from, the officials said, will realize this. New York Times yesterday, and President Obama. '2010 For the rich Bush tax cuts lapse proposal would give.
Barbour objection
"I the United States that when you get out of a recession and to create opportunities for employment are trying not to think that an economist, you need to increase taxes," Mississippi Governor Haley Barbour , a Republican, but said the union "of the CNN program" state today.
Pennsylvania's Democratic governor, Ed Rendell, "on the idea that the economy will be hurt the most rich people to raise taxes "nonsense." Fox News Sunday he said in an interview on Fox News Sunday saying disagree.
"We heard these same arguments when Bill Clinton raised taxes on the richest Americans and do what? He got rid of that deficit," Rendell said.
To increase revenue, Obama also defended the investment income - tax rates on the general fund and now as high as 35 per cent and 39.6 per cent of the administration plan to increase the private equity partner in May, tax proposed, the Times report yesterday. They are currently in the capital as much as 15 per cent lead rate.
Changes to the health care system will require investments in disease prevention programs, health information technology and research on cost-effective treatments, among other steps. Some money was included in the stimulus package. Even so, many health analysts believe big savings cannot be realized soon.
On energy policy, Mr. Obama’s budget will show new revenues by 2012 from his proposal to require companies to buy permits from the government for greenhouse gas emissions above a certain cap. The Congressional Budget Office estimates that the permits would raise up to $300 billion a year by 2020.
Since companies would pass their costs on to customers, Mr. Obama would have the government use most of the revenues for assistance to families to offset higher utility bills and related operating cost. The remaining revenues would cover his proposals for $15 billion a year in spending and tax incentives to expand substitute energy.
Source From :www.bloomberg.com
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