(NBC News) President Obama unveiled a $4 trillion 2016 budget Monday, an ambitious plan aimed at helping the poor and middle class.
To pay for that the budget includes overall tax increases of $2 trillion that target corporations and the wealthy.
President Obama calls the spending plan an investment designed to reinforce the growing economy.
“We would be making a critical error if we avoided making these investments. We can’t afford not to,” he said.
It would build roads and bridges by taxing big businesses on overseas profits, promote education and faster internet, bolster border security and the military and eliminate the across-the-board spending cuts known as the sequester.
“I want to work with Congress to replace mindless austerity with smart investments,” Mr. Obama added.
House Speaker John Boehner calls it “a plan for more taxes, more spending and more of the washington gridlock that has failed the middle class.”
House Republicans say they’ll look for middle ground, but have a spending plan of their own.
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