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With President Obama promising to help America\u2019s middle class a record $4 trillion budget is on its way, one that portends to hammer corporate profits offshore while increasingly laying a burden of taxes on the wealthy. This is expected to enhance tax credits for poor families and the impoverished working class.<\/p>\n
The proposed budget would also steer hundreds of billions of dollars to the country\u2019s already impacted roads and bridges, create new infrastructure, provide two years of free community college while helping to reverse drastic budget cuts that have hampered government departments from functioning effectively.<\/p>\n
An optimistic Obama government hailed the budget, calling the year a \u2018breakthrough\u2019 year for America, of new jobs and lowered unemployment rates in the country. There is expected to be a 6.4 per cent increase over estimated spending this year, with the deficit estimated to fall down to $474 billion. What is worrying that the budget overlooks the new shift in power lines in Washington, with Republicans controlling both the House and Senate. The budget has drawn a lot of flak from the GOP; members of the party say that the proposed hikes in taxes would amount to around $1.5 billion, a huge volume. They also stated that the \u201cTax now and spend later\u201d policy failed to address the growth of benefit programs such as Social Security and Medicare<\/p>\n","protected":false},"excerpt":{"rendered":"
With President Obama promising to help America\u2019s middle class a record $4 trillion budget is on its way, one that portends to hammer corporate profits offshore while increasingly laying a burden of taxes on the wealthy. This is expected to enhance tax credits for poor families and the impoverished working class. The proposed budget would…<\/p>\n