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Obama sending $4 trillion spending plan to Congress
[NEWAGEBD.NET] President Barack ObamaPot had helped, and booze; maybe a little blow when you could afford it. Not smack, though.... unveils a $4 trillion spending plan Monday, a budget that calls for huge spending on infrastructure funded by a one-time tax on profits US companies have amassed overseas. The business-friendly Republican-controlled Congress is all but certain to say no. The foreign earnings tax would be part of a broader administration plan to overhaul corporate taxes by ending certain tax breaks and lowering rates, a challenging task that Obama and Republican congressional leaders insist they are poised to tackle this year. The spending document for the 2016 fiscal year beginning Oct. 1 also reflects goals Obama set out in his State of the Union speech, particularly higher taxes on wealthy Americans to shrink the growing gap between high-income and middle-class citizens. The question is what kind of negotiated middle ground, if any, will emerge in a climate of the overwhelming partisan divide separating Obama and his Democrats from Republicans, many of whom have made their goal to stop or reverse virtually all of the president's domestic initiatives. Obama, in an NBC interview before the Super Bowl, disputed a suggestion that he and Congress are so far apart that his budget proposals have no chance of winning approval. "I think Republicans believe that we should be building our infrastructure," Obama said. "The question is how do we pay for it? That's a negotiation we should have." Obama's new budget offers an array of spending programs and tax increases on the wealthy that Republican politicians have already rejected.
Posted by: Fred 2015-02-03 |
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| http://www.rantburg.com/poparticle.php?ID=409871 |