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Obama budget targets millionaires, replaces sequester cuts


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(Reuters) - President Barack Obama proposed a $3.77 trillion budget on Wednesday that combines controversial cuts to social safety net programs with tax increases on the wealthy.


The package is meant to lure Republicans to negotiate a broad deficit-reduction plan, but the details mirror a proposal Obama laid out last year that was rejected by Republican leaders.


Obama's budget for fiscal year 2014, which begins on October 1, would trim the deficit over three years by requiring people making more than $1 million annually to pay more in taxes while enacting spending cuts that would replace the "sequester" reductions that went into place last month.


It has little chance of becoming law.


Many Republicans reject Obama's push for tax increases and many Democrats oppose cuts to the popular Social Security retirement program.


But both sides want to lower the deficit, which Obama's budget projected would fall to 744 billion in 2014, or 4.4 percent of gross domestic product, from an estimated $973 billion in 2013.

The president said his proposal Scissors-32x32.pngLMFAO.gif

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President Finally Unites Americans: Everybody Hates Obama’s Budget

Posted on | April 10, 2013


Let’s start with the most obvious signal of unity: If President Obama has lost a liberal like Taylor Marsh . . .

President Obama is daring the right to blow this chance [to reach a deficit[-reduction deal]. Unfortunately, the game of chicken the President is playing with people’s only avenue to stay out of poverty in advanced age, which hurts women more than any other group, is actually what he believes should be done.

It’s certain that progressives and their allies will never forget that Barack Obama was the first Democratic president to suggest carving away F.D.R.’s New Deal. That chained CPI cuts are a shadow war on women, from none other than the first African American president in history, who certainly should know what this means.


He’s also lost a would-be Democrat superstar:

“Not only does President Obama’s plan fail to put our finances back in order, it would cut benefits for our seniors snip


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