Recently, the President Barack Obama submitted his budget proposal to the house, which experts as well as many senates say will finally drive the nation to a better direction with a purpose. The budget proposal and President Obama’s take on the budget were aired and streamed online through various sources such as CNBC live stream, FOX news live stream, MSNBC live and CNN stream by thousands of citizens and netizens. Even though in an interview available on http://www.hulkuss.com/cnn-news-live-streaming/ senates seemed to support the budget, it is quite evident from the response of the Republicans that they would be opposing the proposal. So even if there are parts of the proposal that they could agree to, the Republicans will completely go against the budget. Moving on, these are some salient features of the budget proposal made by President Obama.
Cutbacks and Investment separate
Using the ‘bully pulpit’ to push USA into a new direction, President Obama calls for a greater public investment in some vital areas that could not be dealt with properly before. The public investment would be of course met by the taxes that have been increased only for the wealthy. He has finally put up an image of the government that no longer would favour the rich but understand the economic pain and harm so that it can actually make a difference and make the standards of living better.
President Obama himself has taken a resolve and has made it clear before the congress that he will not put his signature to a budget that would not increase the spending on vital areas. Thus, apart from the regular defence investments made, domestic priorities will now come first. In his recent dialogue with the press as well as message to the congress, President Obama was quoted saying “America can’t afford being short-sighted and I’m not going to allow it”. He said this while releasing a massive fund of 4 trillion USD for the fiscal 2016.
No sequester, only help
The recent budget thus provides the common man what he needs the most- proper support and an end to austerity driven sequesters. These sequesters have for long hampered and tampered with the pace of the economic recovery of the United States of America. From an increase to the security funds, the President has now asked for an increase in the infrastructure funding- almost 13% of the 3.6 trillion proposed infrastructure budget till 2020.
The President’s budget now offers a helping hand to working families, with an all newUSD 500 “second-earner” tax credit. With many such credits and increases as per the new budget, there would be changes in the college tuition credit, increase in the overall Earned Income Tax Credit, and of course tax credits of up to USD3,000 per child in a family with two kids. These steps or proposals that have been reflected in the recent budget have been accorded as a new step towards ‘real development and betterment’. It would not be wrong to say that finally, the country is steering towards the right direction.