President Obama's Budget for Fiscal 2011 - "BYE BYE BUSH TAX CUTS" and More Details

[jefferson_dem]

President Obama will send a $3.834 trillion budget to Congress tomorrow for Fiscal Year 2011.

By way of comparison, the FY2010 budget was $3.721 trillion; the FY2009 budget, presented by President George W. Bush, was $3.518 trillion.

DEFICIT

The 2011 budget includes $1.415 trillion in discretionary spending and a $1.267 trillion budget deficit representing 8.3 percent of the gross domestic product.

A daunting number, the deficit represents a slight improvement from the FY 2010 budget when it was $1.556 trillion, representing 10.6 percent of GDP.

BYE BYE BUSH TAX CUTS

One reason for the slightly smaller projected deficit include the decision to let the Bush tax cuts of 2001 and 2003 expire for individuals making more than $200,000 a year and families making more than $250,000 a year. This tax increase, which will occur automatically, will bring in a projected $678 billion over the next decade, the administration says. The tax cuts are due to expire at the end of the 2010 calendar year.

The Obama administration will ask for the Bush 2001 and 2003 tax cuts to made permanent for individuals who make under $200,000 and families who make under $250,000.

SPENDING CUTS

Other potential savings include the proposed three-year spending freeze on non-security discretionary spending ($250 billion over 10 years); the proposed bank tax -- called a financial crisis responsibility fee -- to repay taxpayers for the Wall Street bailout ($90 billion over 10 years); and eliminating tax cuts and subsidies for oil, gas, and coal companies ($40 billion).

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http://blogs.abcnews.com/politicalpunch/2010/02/president-obamas-38-trillion-budget.html

[Jennicut]

1. Yes, end the Bush tax cuts, finally!

[flpoljunkie]

2. Morning Joke's Scarborough already whining about this. It will be a drum beat from the right.

I wish that President Obama had reminded the Republicans at Friday's 'Questiontime' that when John Kennedy cut income taxes the top rate was more than 90%! Kennedy cut the top rate to 70%. And, now the top rate is back where Reagan first cut it and Bush returned it--at 35%. Obama will return the top rate to where it was with Clinton--about 39.6%.

[LaydeeBug]

3. YES!!!

After the health care sausage and some other reach arounds, my final thing (and yes, I realize it's petty, but still) would have been any extension of the Bush tax cuts.

[lunatica]

4. The scalpel effect as opposed to the sledgehammer approach?

I hope it works...

or