If Barack Obama gets reelected, he will face two Republican Houses. Thus his budget plan has no hope of ever being put to the vote. “It’s all about election year 2012, not fiscal year 2013,” writes CNN’s Alan Silverleib, about Obama’s $3.8 trillion budget.
Obama’s plan hikes taxes on the wealthiest Americans to the tune of roughly $1.5 trillion. It ends the Bush-era tax cuts for families making over $250,000 annually while enacting the so-called Buffett Rule, requiring households earning more than $1 million to pay at least a 30% rate. …
The administration is proposing to spend billions on infrastructure, education and domestic manufacturing. Among other things, Obama’s budget includes $30 billion to modernize schools, along with another $30 billion to hire and retain teachers and first responders….
It also includes an extension of long-term unemployment benefits and the current payroll tax cut, something Congress is expected to take up this month.
“Congress needs to pass an extension of the payroll tax cut and unemployment insurance without drama and without delay and without linking it to some other ideological side issues,” Obama declared Monday morning. “The time for self-inflicted wounds to our economy has to be over. Now is the time for action.”
Now is not the time, however, for new details on deficit reduction.