Obama unveils $4 trillion budget
February 03, 2015 01:49
US President Barack Obama has unveiled a $4 trillion budget aimed at improving the nation's infrastructure and boosting middle-class Americans by increasing taxes on businesses and the wealthy, setting up a battle with Republicans over the proposal.
Sending his annual budget proposals to the a Republican-majority Congress, Obama said his proposals will put more money in middle-class pockets, raise wages, and bring more high paying jobs to America.
"To pay for them, the budget will cut inefficient spending and close tax loopholes to make sure that everyone pays their fair share," he said.
Obama said the budget closes loopholes that punish businesses investing domestically and reward companies that keep profits abroad, and uses some of the savings created to rebuild the ageing infrastructure.
"The budget closes loopholes that perpetuate inequality by allowing the top one per cent of Americans to avoid paying any taxes on their accumulated wealth and uses that money to help more young people go to college," he said.
The budget includes $561 billion in military spending, which includes funds for the Wests confrontation with Russia over its incursion in Ukraine and the US-led fight against Islamic State militants in Iraq and Syria. It also reserves $14 billion for cybersecurity measures.
Obama said the budget supports his administration's efforts to degrade and ultimately destroy ISIL.
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