Obama Budget: Tax Hikes and Another $1 Trillion Deficit
The 2013 budget being released Monday will propose public works spending while seeking tax increases on the wealthy and corporations to claim progress on the federal deficit in his upcoming budget. The spending plan projects a deficit for this year of $1.3 trillion, the fourth straight year of $1 trillion-plus deficits, and $901 billion next year.
Jacob Lew, the president’s chief of staff, said the new budget would put the country on track to achieve $4 trillion in deficit reductions over the next 10 years, achieved by raising taxes on the wealthy and trimming government spending. Lew said the president’s budget would cut spending by $2.50 for every $1 it raises in new taxes.
“In the long run, we need to get the deficit under control in a way that builds the economy,” Lew said during appearances on the Sunday talk shows. “We do it in a way that’s consistent with American values so that everyone pays a fair share.”
The release of Obama’s spending plan for the budget year that begins Oct. 1 marks the official start to an election-year budget battle over taxes and spending as the nation’s debt tops $15 trillion.
Read more at the Associated Press
Harold
ACGR's "News with Attitude" 
It is such a shame that the public is unaware every dollar of deficit spending is a dollar of profit for the Federal Reserve hidden in the FRBNY accounting of Treasury auction funds—in violation of the law. Ref. RIP OFF BY THE FEDERAL RESERVE posted at http://www.scribd.com/doc/49040689 .
We have some work to do here but before we ask “we the people to sacrifice even more” lets start cutting those foreign grant and loans we give to nations to buy weapons and live well. Except, the biggest lobby is the armament industry. I think the armament industry should belong to the government not a for profit get rich any way global
prostitute. Think how much we would save, somehow the idea that some people get rich by pushing weapons to kill, including our troops because they are not beyond selling to our enemies. Any way as a former military wife this stick in my guts.