Obama Budget Seeks New Spending, New Taxes To Boost Economy, Tame Debt

Source: Zachary Goldfarb / The Washington Post

President Obama unveiled an ambitious $3.9 trillion budget blueprint Tuesday that seeks billions of dollars in fresh spending to boost economic growth but also pledges to tame the national debt by raising taxes on the wealthy, slashing payments to health providers and overhauling the nation’s immigration laws.

The request sent to Congress for the 2015 fiscal year offers a smorgasbord of liberal policy ideas at a time when riling up the Democratic base and drawing a vivid contrast with Republicans are critical to Obama’s hopes of preserving his party’s imperiled majority in the Senate.

His blueprint includes some targeted spending cuts, but relies primarily on more than $1 trillion in new taxes to slow borrowing over the next decade – with much of the burden falling on major businesses and the wealthy. While some of the proceeds would go toward deficit reduction, Obama also calls for more than $55 billion in new spending on defense, roads and bridges, universal preschool education and expanded tax credits for the poor.

To achieve Obama’s agenda, however, Congress would have to approve his ideas — an unlikely prospect in an election year. While the budget opens the door to a few potential areas of bipartisan agreement – including an overhaul of business taxes that would generate cash for infrastructure – it retreats from other compromises.

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