Debt and Taxes: Obama sends record $4 trillion spending plan to Congress
WASHINGTON (AP) — President Barack Obama sent Congress a record $4 trillion budget Monday that would boost taxes on higher-income Americans and corporations and eliminate tight federal spending caps to shower more money on both domestic and military programs. It would provide [so-called] middle-class tax relief and fund an ambitious public works effort to rebuild aging roads and bridges.
Obama’s budget, which will set off months of wrangling in Congress, proposes spending $4 trillion — $3.999 trillion before rounding — in the 2016 budget year that begins Oct. 1. That’s a 6.4 percent increase over estimated spending this year, projecting that the deficit will decline to $474 billion.
In a message accompanying the massive budget books, Obama said his proposals are “practical, not partisan.” But even before the books were delivered, Republicans found plenty to criticize in the planned $2 trillion in tax hikes and increased revenue from immigration changes.
“The president is advocating more spending, more taxes and more debt,” said House Speaker John Boehner. “A proposal that never balances is not a serious plan for America’s fiscal future.”
Boehner and other GOP leaders said that the budget they produce this spring will achieve balance within 10 years, curb the explosive growth of government benefit programs and reform the loophole-cluttered tax code.