Obama's Budget Increases Spending by $56 Billion
9:26 AM, Feb 21, 2014 • By DANIEL HALPER
President Obama's budget marks the end of "austerity," reports the Washington Post.
"President Obama’s forthcoming budget request will seek tens of billions of dollars in fresh spending for domestic priorities while abandoning a compromise proposal to tame the national debt in part by trimming Social Security benefits," the report reads.
"With the 2015 budget request, Obama will call for an end to the era of austerity that has dogged much of his presidency and to his efforts to find common ground with Republicans. Instead, the president will focus on pumping new cash into job training, early-childhood education and other programs aimed at bolstering the middle class, providing Democrats with a policy blueprint heading into the midterm elections.
"As part of that strategy, Obama will jettison the framework he unveiled last year for a so-called grand bargain that would have raised taxes on the rich and reined in skyrocketing retirement spending. A centerpiece of that framework was a proposal — demanded by GOP leaders — to use a less-generous measure of inflation to calculate Social Security benefits."
The budget increases spending by $58 billion, according to USA Today. "Obama's budget will contain $56 billion in increased spending — $28 billion for domestic, $28 billion for defense — according to a White House official who spoke on condition of anonymity to discuss details before the budget announcement."
But don't worry: it will all be paid for, we're told. "The spending will be paid for by closing tax loopholes."
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