News / USA

White House Defends Obama Budget

In this photo released by CBS News, White house Chief of Staff Jacob Lew talks on CBS's Face the Nation in Washington Sunday, Feb. 12, 2012.
In this photo released by CBS News, White house Chief of Staff Jacob Lew talks on CBS's Face the Nation in Washington Sunday, Feb. 12, 2012.
Michael Bowman

As President Barack Obama prepares to unveil his blueprint for U.S. government spending, White House officials are already defending the document from Republican attack. The Obama budget, to be released later Monday, is expected to call for a mix of spending restraint and tax hikes to shrink the runaway U.S. deficit during the next decade.

President Obama has long urged what he calls a “balanced approach” of higher taxes and lower spending to fix America’s fiscal woes. He has urged immediate measures to stimulate the economy combined with long-term budgetary restraint.  

White House Chief of Staff Jacob Lew says the president’s new budget reflects those priorities.

“The president’s budget is a plan for 10 years. In the short term we need to keep the economy growing, and in the long term we need to get the deficit under control in a way that builds an economy that can last for the future, where we build a manufacturing base, we have Americans with the skills to do the work of the future.”

Lew, who until recently served as Obama’s top budget official, made the remarks in a U.S. television interview.

Early reports say the president’s budget would raise taxes on top earners and force investors to pay similar tax rates on stock market profits as ordinary Americans pay on their wages and salaries. At the same time, the Obama budget would reportedly boost funding for U.S. infrastructure, unemployment benefits, and federal assistance to revenue-strapped states.

Addressing a Washington gathering of conservative political leaders and activists last week, the Budget Committee chairman in the Republican-controlled House of Representatives, Paul Ryan, dismissed the White House budget blueprint as a continuation of failed and counter-productive Democratic policies.

“His proposals have three things in common: they load massive tax increases on small businesses and hardworking families, they require bureaucratic rationing in government health care programs, and they hollow out our national security.”

Not so, according to Jacob Lew.

“If you look at our budget, for every dollar of [new] revenue, there are two-and-a-half dollars of spending reductions.  So I think it is clearly not the case that this is a budget based on just raising taxes. But we [currently] have tax cuts that go to people who do not need them. We have tax cuts going to the wealthiest people in America, who are going to have to pay their fair share.”

In the first year of his administration, President Obama pledged to cut the federal deficit in half by the end of his first term.  The deficit exceeded $1 trillion in 2009 and, according to White House projections, is expected to do so again this year.

You May Like

Ferguson Grand Jury Decision Unlikely Before Monday

Tension builds over possible indictment of white police officer in shooting death of black teen More

Video Ukraine Marks Anniversary of Deadly 1930s Famine

President Poroshenko compares Soviet-era ‘genocide’ to current Russian-backed rebels’ fight in east More

S. Philippines Convictions Elusive 5 Years After Election-related Killings

Officials vowed to deliver justice as the nation marked the anniversary of the country's worst political massacre that left 58 dead, more than half media More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
New Skateboard Defies Gravityi
X
November 21, 2014 5:07 AM
A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Gay Evangelicals Argue That Bible Does Not Condemn Homosexuality

More than 30 U.S. states now recognize same-sex marriages, and an increasing number of mainline American churches are blessing them. But evangelical church members- which account for around 30 percent of the U.S. adult population - believe the Bible unequivocally condemns homosexuality. VOA's Jerome Socolovsky reports that gay, lesbian, bisexual and transgender evangelicals are coming out. Backed by a prominent evangelical scholar, they argue that the traditional reading of the bible is wrong.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Mexico Protests Escalate Over Disappearances

Protests in Mexico over 43 students missing since September continue to escalate, reflecting growing anger among Mexicans about a political system they view as corrupt, and increasingly tainted by the drug trade. Mounting outrage over the disappearances is now focused on the government of President Enrique Pena Nieto, accused of not doing enough to end insecurity in the country. More from VOA's Victoria Macchi.
Video

Video US Senate Votes Down Controversial Oil Pipeline - For Now

The U.S. Senate has rejected construction of a controversial pipeline to transport Canadian oil to American refineries. The $5 billion project still could be approved next year, but it faces a possible veto by President Barack Obama. As VOA’s Michael Bowman reports, the pipeline has exposed deep divisions in Congress about America’s energy future.
Video

Video Can Minsk Cease-fire Agreement Hold?

Growing tensions between government troops and separatists in eastern Ukraine further threaten a cease-fire agreement reached two months ago in the Belarusian capital of Minsk. Critics of U.S. policy in Ukraine say it is time the Obama administration gives up on that much-violated cease-fire and moves toward a new deal with Russia. VOA's Scott Stearns has more.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.
Video

Video Ferguson Church Grapples with Race Relations

Many white residents of Ferguson, Missouri, say they chose to live there because of the American Midwest community's diversity. So, they were shocked when a white police officer killed an unarmed black teenager in August – and shaken by the resulting protests and violence. Some local churches are leading conversations on how to go forward. VOA’s Ayesha Tanzeem reports.

All About America

AppleAndroid