President Barack Obama unveiled a $3.8
trillion spending plan on Monday for 2013 that seeks to achieve $4
trillion in deficit reduction over the next decade but does little to
restrain growth in the government’s huge health benefit programs, a
major cause of future deficits.
Obama’s new budget was immediately attacked by Republicans as a
retread of previously rejected ideas. The budget battle is likely to be a
major component of the fall election campaign.
The president would achieve $1.5 trillion of the deficit reductions
in tax increases on the wealthy and by removing certain corporate tax
breaks. Obama rejected GOP charges of class warfare. In his budget
message, he said, “This is not about class warfare. This is about the
nation’s welfare.”
