obama budget

Its very amazaning news of the news about the obama's budget .So its very interesting news of the usa.Obama's Budget Proposal Would Push Deficit to $1.75T.So President Obama today unveiled a proposed $3.55 trillion budget for the coming fiscal year that he said discards "dishonest" accounting practices of the past and makes "a historic commitment to comprehensive health care reform."

The plan would effectively raise taxes on the wealthiest Americans and trim Medicare costs to help pay for what the administration calls a $634 billion "down payment" on a universal health care program. It would also extend tax cuts for middle-class Americans while closing corporate tax loopholes and reducing some agricultural subsidies, officials said.

In addition to the budget for fiscal 2010, the administration also proposes a $3.94 trillion budget for the 2009 fiscal year that ends Sept. 30. The figure includes an additional $250 billion that could be used to bail out struggling banks, as well as $410 billion in an omnibus spending bill that the House approved this week to fund major government agencies through the remainder of the fiscal year. Congress has not yet passed a 2009 budget, but has funded the operations of the government with continuing resolutions through March 6.

Obama's spending plans would push the 2009 budget deficit to a massive $1.75 trillion, officials said this morning. The government's yearly shortfall would equal 12.3 percent of the nation's annual economic output. Such a percentage has not been seen since the end of World War II, when the deficit came to 21.5 percent of GDP.

The administration says about $1.2 trillion of that deficit was inherited from the Bush administration and that some of the rest comes from stimulus measures aimed a jump-starting the flagging economy.