The President's Budget for Fiscal Year 2013...
President Obama unveiled a $3.8 trillion spending plan on Monday for 2013 and a 10-year vision that seeks to cut $4 trillion from the overall deficit, but does little to restrain growth in the U.S. government's huge entitlement programs and adds $6.6 trillion in deficits over 10 years.
In his 10-year projection, the annual deficit falls below $600 billion just once -- in 2018. The $6.6 trillion is added on top of the president's recent additions to the federal debt -- the $15.36 trillion national debt is now greater than the annual gross domestic.
We now face a make-or-break moment for the middle class and those trying to reach it. After decades of eroding middle-class security as those at the very top saw their incomes rise as never before and after a historic recession that plunged our economy into a crisis from which we are still fighting to recover, it is time to construct an economy that is built to last.
The President’s 2013 Budget is built around the idea that our country does best when everyone gets a fair shot, does their fair share, and plays by the same rules. We must transform our economy from one focused on speculating, spending, and borrowing to one constructed on the solid foundation of educating, innovating, and building. That begins with putting the Nation on a path to living within our means – by cutting wasteful spending, asking all Americans to shoulder their fair share, and making tough choices on some things we cannot afford, while keeping the investments we need to grow the economy and create jobs. The Budget targets scarce federal resources to the areas critical to growing the economy and restoring middle-class security: education and skills for American workers, innovation and research and development, clean energy, and infrastructure.
The Budget is a blueprint for how we can rebuild an economy where hard work pays off and responsibility is rewarded. http://www.whitehouse.gov/omb/budget/Overview
