Photo Credit: Lisagoldman.net
President Obama has set his sights high, proposing to cut the federal budget deficit in half by the time his four year term is up. Obama will attempt this by notably raising taxes on businesses and the wealthy, and by cutting spending on the wars in Afghanistan and Iraq.
In order to slash into this $1.3 trillion deficit, President Obama, along with members of congress, advocacy groups, independent experts and unions will discuss what must be done to remedy this daunting situation.
The Los Angeles Times reported that there are a couple key factors preventing criticizing President Obama from implementing this budget cut, with one being the overly optimistic assumptions.
As stated in his weekly video address, President Obama said that he will have a budget that is "sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don't, and restoring fiscal discipline."
Is this too difficult to achieve? I believe in everything Obama says, but it seems extremely difficult to halve our budget in four years to $533 billion from $1.3 trillion. Another con to Obama's promise is that if for some reason he doesn't meet this summit of a goal, the he ultimately could cost him the reelection in 2012.
In addition to embracing the recently signed $787 billion American
Recovery and Reinvestment Act, Obama plans on following through with
the domestic agenda he advocated throughout his presidential campaign.
This agenda focuses on changing major environmental policies and a significant
restructuring of health care coverage.
No comments:
Post a Comment