Politics: Three things you should know about Obama’s forthcoming budget plan
- cuts While still leaning on the “Buffett Rule” that he’s been pushing for months and planning to end the Bush tax cuts for the super-rich, Obama’s plan would also cut $2.50 for each dollar raised from tax proposals affecting high income-earners.
- jobs With the GOP blocking much of Obama’s job plan last year, he’s taking another try at it, offering up $350 billion in job-growth spending, which includes $50 billion to improve infrastructure and $60 billion to modernize schools.
- defense Echoing the words of Secretary of Defense Leon Panetta, the budget proposal would cut non-war spending. However, automatic cuts set to kick in next year will likely get replaced by a “balanced deficit-reduction package.” source