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President Obama Delivers Budget Proposal To House

Braden Holly |
February 13, 2012 | 9:23 a.m. PST

Executive Producer

President Obama. Image courtesy of Creative Commons.
President Obama. Image courtesy of Creative Commons.
President Barack Obama delivered his budget proposal for the coming fiscal year to Congress Monday, a proposal that he said would cut $4 trillion in spending and raise $1.5 trillion in taxes in the next 10 years.

The president’s budget plan focuses heavily on workforce education and the elimination of tax cuts for the wealthiest Americans.

President Obama said that colleges we’re being put “on notice” regarding increasing tuitions.

“Tuition inflation has gone up even faster than health care, and that’s hard to do,” said President Obama.

In the budget is a proposal to create an $8 billion fund to train 2 million workers for high-demand jobs in tech heavy industries that the president said are having difficulty filling positions.

“My administration is helping community colleges redesign training programs,” said President Obama of his plans for affordable education.

The president also called upon the wealthiest Americans to accept the expiration of Bush-era tax cuts for those who make over $250,000 a year.

“The budget that we are releasing today is a reflection of shared responsibility,” said the president.

According to the Los Angeles Times:

The plan calls for an overhaul of the tax code guided by the so-called Buffett rule, the principle that no household earning more than $1 million should pay less than a 30% tax rate. The rule has become a staple of the president's economic speeches, accompanied by reminders that billionaire Warren Buffett's secretary is taxed at a higher rate than her boss.

The president said that this is not class warfare but common sense.

“Asking a billionaire to pay at least as much as his secretary when it comes to his tax rates is just common sense,” said Obama.

However, some have said that the budget proposal is really more of a campaign strategy, and stands little chance of passing the Republican controlled House.



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