Obama unveils $3.9 trillion budget
March 05, 2014 03:10
US President Barack Obama today proposed a $3.9 trillion budget package for the fiscal year 2015 which calls for raising taxes on the rich and expanding tax credits for the poor and middle class.
The president's spending plan for the fiscal year that begins on October 1 also proposes a rise in the minimum wage and for new spending on infrastructure.
The blueprints are unlikely to produce much immediate legislative action, but they provide road maps for Democrats and Republicans heading into midterm elections in November.
"This budget expands apprenticeships to connect more ready-to-work Americans with ready-to-be-filled jobs," Obama said in his remarks at a school in the national capital moments after the White House sent his annual budget proposals to the Congress.
"This budget gives millions more workers the opportunity to take advantage of the tax credit, and it pays for it by closing loopholes like the ones that let wealthy individuals classify themselves as a small business to avoid paying their fair share of taxes," he said.
"This budget will also continue to put our fiscal house in order over the long term, not by putting the burden on folks who can least afford it but by reforming our tax code and our immigration system and building on the progress that we've made to reduce health care costs under the Affordable Care Act," he said.
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