Record-breaking $3.55 Trillion Budget puts us deep in the red
President Barack Obama is seeking $81 billion more in spending on domestic initiatives in his record $3.55 trillion budget plan while calling on Congress to trim $17 billion worth of programs, including raising more tax revenue from the oil and gas industries.
In a 1,360-page document released this morning, Obama proposes abolishing preferential tax treatment for the two industries as part of a package of 121 federal programs the administration wants to eliminate. Doing so would generate about $26 billion over the next decade.
However, his budget fails to address the Social Security, Medicare, and Medicaid imbalance that will jeopardize our long-term budget outlook.
As of May 5, 2009: