Obama Unveils Budget

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Monday, February 13, 2012 - 3:32pm

Plan calls for more money for job creation, higher taxes on the wealthy.

President Obama has unveiled a 2013 budget that he says will slash $4 trillion from the deficit over the next decade.

"I'm proposing some difficult cuts that, frankly, I wouldn't normally make if they weren't absolutely necessary. But they are," Mr. Obama said.

The $3.8 trillion blueprint also proposes hundreds of billions of dollars in new spending.

It includes $8 billion to train community college students for careers in health care, transportation and manufacturing.

The budget also calls for broad cuts in government and military spending and nearly $2 trillion in tax increases.

The president calls it shared responsibility.

Republicans call it a rehash of old ideas.

"There's not really anything in this budget to get this economy moving again," complained Ohio Senator Rob Portman.

GOP critics say it ignores Social Security, Medicare and other drivers of the debt and deficit.

Senate Majority Leader Harry Reid has already said he doesn't see any need to bring a budget up for a vote, and even if he did it's unlikely lawmakers will reach an agreement in this election year.

House Republicans plan to unveil their own budget plan next month.
 

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