(NBC News) – President Obama unveils his 4-trillion dollar budget plan today.
The head of the House Budget Committee has said they’ll look for areas of agreement – but they want this budget balanced.
President Obama’s 4-trillion dollar budget: federal workers would get a bigger raise than before.
Plus he wants to spend nearly half a trillion on infrastructure – roads, bridges, and public transit, 10 billion plus on clean energy, and nearly half a billion for free community college – to start. We’d pay almost 60 times that in three years when more students sign on. “We can afford to make these investments. Since I took office, we’ve cut our deficits by about two-thirds.” President Barack Obama
The deficit – how “upside down” the budget is – and the debt – the total amount we owe – would remain stable experts say, but still unbalanced.
That’s really likely to cause a rift here — plus a 14-percent corporate tax on overseas profits, and an ever bigger tax on future foreign earnings, but Republicans are talking compromise. “We want to go and see if there’s common ground, and so we want to work with this administration to see if we can find common ground on certain aspects of tax reform, and we want to exhaust that possibility,” said House Budget Committee Chairman, Rep. Paul Ryan (R-WI).
This budget gives the middle class a break. A second tax credit for two-parent working families expanding tax breaks to adults with no children and expanding the Childcare Tax Credit.
Republican leaders say they’re open to that.
What they don’t like is closing the trust fund loophole – they think it’ll make it hard on farmers to pass on the family business.