How much more will the general public accept as the new norm in our country? Is there no end to ignorance? Please say it's not just that we, as a nation, just don't care enough to say awake long enough to find out all that has gone before us is gone.
National Center for Policy Analysis
President’s budget proposal. As required by law, the president submitted his annual budget proposal to Congress this week. If adopted, the President’s budget would spend $3.8 trillion in fiscal year 2013, which is almost a quarter of the gross domestic product. It projects $2.9 trillion in tax revenue and a $901 billion deficit in fiscal year 2013.
The President’s budget proposes $1.5 trillion in tax increases. His budget would end the 2001 and 2003 tax cuts (often called the “Bush tax cuts”) for people who earn more than $250,000 per year. The President’s budget would also impose a new 30% income tax on millionaires (called the “Buffett Rule”), which would apply to capital gains and carried interest.
The President’s budget proposes cuts to Medicare spending by requiring seniors to pay more for Medicare and cutting payments to Medicare providers. Other than that, the President’s budget ignores the unsustainable growth of entitlement programs and proposes nothing to solve the entitlement crisis.
The President proposes almost $500 billion in new transportation spending to stimulate the economy. The implications of this new spending on the President’s reelection campaign are worth some scrutiny.
Meanwhile, Senate Majority Leader Harry Reid (D-NV) said he did not intend to vote on the President’s budget or vote on any budget at all this year. This will be the third year in a row, more than 1,000 days, since the Senate passed a budget. While Senate Democrats are absent on this issue, Republican Leader Mitch McConnell (R-KY) said he will try to offer the President’s budget on the Senate floor so at least the Senators will have a chance to vote on something.
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