Sunday, December 28, 2014
YOLO COUNTY NEWS
99 CENTS

Obama sends Congress a $3.77 trillion budget

By
From page A6 | April 16, 2013 |

The issue: Lawmakers should seize this opportunity to seriously reduce deficit spending

The president’s annual budget was due in early February, and since then, Republicans have been badgering him to produce one. On Wednesday, President Barack Obama rolled out a spending plan of nearly $3.8 trillion — and got little thanks for it, even from some Democrats.

SENATE GOP LEADER Mitch McConnell of Kentucky called it “an extreme unbalanced budget that won’t balance in your lifetime or mine.” (He’s 71.) He dismissed it as, “for the most part, just another left-wing wish list.”

House Budget Committee Chairman Paul Ryan, R-Wis., said the budget “merely ratified the status quo.” Ryan has produced the last two Republican budgets. The first died because of politically unpopular proposed changes in Medicare. Ryan doubled down on his second budget, which pledged to balance the budget in 10 years through draconian and politically improbable cuts in domestic spending.

Obama’s budget was aimed at another political leader: House Speaker John Boehner, with whom the president hopes to revive a “grand bargain” on deficit reduction. But Boehner rejected the budget’s proposed tax increases of nearly $1 trillion over 10 years — $580 billion of it from the wealthy — saying the $660 billion in tax increases negotiated as part of the “fiscal cliff” deal were enough. “The president got his tax hike in January,” Boehner said.

After four years, the Senate recently passed a budget of its own, one that closely tracks Obama’s, with one key exception: Obama would recalculate the cost-of-living formula for Social Security to slow the increase in benefits. The Senate would not. Some Democrats are outraged that, along with trimming Medicare, Obama would even try.

OBAMA’S BUDGET calls for spending $3.77 trillion in the fiscal year that begins Oct. 1, a relatively modest 2.5 percent increase. Deficit spending — projected at $973 billion for the current year — would fall to $744 billion. It has topped $1 trillion for four consecutive years.

In addition to the tax increases on the rich — at least 30 percent on those earning over $1 million — Obama would close tax loopholes largely available to the wealthy, increase the estate tax, scale back farm subsidies, eliminate oil and gas production subsidies and increase the tax on a pack of cigarettes by 94 cents, hardy likely to please a tobacco-state representative like McConnell. That tax increase would subsidize early childhood education.

All told, Obama’s budget would cut $100 billion each from defense and domestic spending over the next decade. However, it calls for $50 billion in infrastructure spending, $40 billion of which would be spent almost immediately on the most critical projects.

Passing the budget would eliminate the “sequester” of automatic, across-the-board spending cuts of $1.2 trillion over the next decade, as called for in an unsuccessful attempt to reach a budget deal last summer. Congress should take this opportunity to seriously cut the deficit for the sake of all future generations who are now burdened with a massive debt.

Comments

comments

  • Recent Posts

  • Enter your email address to subscribe to this newspaper and receive notifications of new articles by email.

  • .

    News

     
    Yolo makes hydrogen connection

    By Elizabeth Case | From Page: A1 | Gallery

     
    NYC officer mourned at funeral as tensions linger

    By The Associated Press | From Page: A2

     
    N. Korea uses racial slur against Obama over hack

    By The Associated Press | From Page: A2

    AirAsia plane with 162 aboard missing in Indonesia

    By The Associated Press | From Page: A2

     
    Sacramento man convicted for 2011 bar shooting

    By Enterprise staff | From Page: A2

     
    Drugs, stolen car lead to women’s arrests

    By Enterprise staff | From Page: A2

    Supplies collected for victims of abuse

    By Enterprise staff | From Page: A3

     
    Sweet success: Cancer Center helps young patient celebrate end of treatment

    By Special to The Enterprise | From Page: A3 | Gallery

    Reserve tickets soon for Chamber’s Installation Gala

    By Enterprise staff | From Page: A3

     
    Holiday hours continue at The Enterprise

    By Enterprise staff | From Page: A3

    Covell Gardens hosts New Year’s Eve dance

    By Enterprise staff | From Page: A3

     
    UC Davis debate team wins national championship

    By Kathy Keatley Garvey | From Page: A3 | Gallery

    Portuguese breakfast set for Jan. 25

    By Enterprise staff | From Page: A3

     
    Pedal around Davis on weekly bike ride

    By Enterprise staff | From Page: A3

    Nominate teens for Golden Heart awards

    By Enterprise staff | From Page: A3

     
    USA Weekend calls it quits

    By Enterprise staff | From Page: A3

    At the Pond: It all started with kayaking on Putah Creek

    By Jean Jackman | From Page: A5 | Gallery

     
    Find the first cabbage white butterfly, and win a pitcher

    By Kathy Keatley Garvey | From Page: A6 | Gallery

    Does pre-eclampsia raise autism risk?

    By Phyllis Brown | From Page: A6

     
    Long will talk about value of hedgerows for adjacent farms

    By Special to The Enterprise | From Page: A6 | Gallery

     
    It’s a wonderful life — and a wonderful state

    By Special to The Enterprise | From Page: A8 | Gallery

    College sees benefits in loan guarantees

    By The Associated Press | From Page: A9

     
    Tickets for New Year’s Eve party going fast

    By Enterprise staff | From Page: A12

    .

    Forum

     
    It was a busy, black-eye year for disease control

    By The Associated Press | From Page: B4

    This cat is on life No. 7

    By Creators Syndicate | From Page: B4

     
    Say thanks to the caregivers

    By Creators Syndicate | From Page: B5

     
    Bombing is not the answer

    By Special to The Enterprise | From Page: A10

    Just Us in Davis: Despair and hope for the new year

    By Jonathan London | From Page: A10

     
    Commission’s list needs vetting

    By Letters to the Editor | From Page: A10

    Rifkin’s statement is offensive

    By Letters to the Editor | From Page: A10

     
    Cuba policy changes highlight a momentous opportunity

    By Special to The Enterprise | From Page: A11 | Gallery

    Writer’s arguments fall flat

    By Letters to the Editor | From Page: A11

     
    .

    Sports

    Sacramento survives Knicks in OT

    By The Associated Press | From Page: B1 | Gallery

     
    Kings cruise past Sharks

    By The Associated Press | From Page: B1

    Lady Blue Devils top Tigers to reach Ram Jam title game

    By Spencer Ault | From Page: B1 | Gallery

     
    DHS boys get good film in tournament loss

    By Enterprise staff | From Page: B1

    Sports briefs: Republic FC to host camp series

    By Enterprise staff | From Page: B2

     
    College bowl roundup: Sun Bowl goes to the Sun Devils

    By The Associated Press | From Page: B10 | Gallery

    .

    Features

    .

    Arts

    .

    Business

    Rob White: Davis tech community is growing

    By Rob White | From Page: A9

     
    Yolo County real estate sales

    By Zoe Juanitas | From Page: A9

    First Northern adds Peyret to agribusiness loan team

    By Enterprise staff | From Page: A9

     
    Kaiser’s trauma center in Vacaville earns verification

    By Enterprise staff | From Page: A9

    .

    Obituaries

    Ruth Allen Barr

    By Special to The Enterprise | From Page: A4

     
    Charles ‘Bud’ Meyer

    By Special to The Enterprise | From Page: A4

    .

    Comics

    Comics: Sunday, December 28, 2014

    By Creator | From Page: B8