Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
 
 
Obama Budget Released on NH Primary Day02/08 06:25

   The main thing to know about President Barack Obama's final, $4 trillion 
budget is that it comes on the same day as the New Hampshire primary, ensuring 
it gets minimal attention with all the focus on the White House contenders.

   WASHINGTON (AP) -- The main thing to know about President Barack Obama's 
final, $4 trillion budget is that it comes on the same day as the New Hampshire 
primary, ensuring it gets minimal attention with all the focus on the White 
House contenders.

   The timing cements the impression that Obama realizes a Republican-led 
Congress is unlikely to embrace his spending priorities. Typically, the budget 
is released on a Monday, but White House press secretary Josh Earnest says 
Tuesday's release allowed hard-working administration employees and journalists 
a chance to watch the Super Bowl.

   The 2017 budget for the fiscal year beginning Oct. 1 will combine proposals 
for new spending on infrastructure, education and combating opioid abuse with 
tax increases on corporations and wealthy individuals to keep deficits down. 
This will avoid proposing cuts to popular programs like Medicare, student loans 
or food stamps.

   The administration has unveiled several proposals on a piecemeal basis 
leading up to the official rollout.

   Things to know:

   ___

   WISH LIST

   The budget is just a proposal, and the White House gets to assume that it's 
enacted in its entirety. That means it always contains lots of things that have 
no chance of ever making their way through Congress --- like a $10 per barrel 
fee on oil to pay for more than $30 billion in various transportation projects, 
which landed with a thud on Thursday. The same can be said of Obama's plans for 
$6 billion for job training, including $4 billion over three years to teach 
computer science.

   Other proposals may have more of a shot, including $1 billion over two years 
to combat heroin and opioid addictions, additional funding to feed low-income 
children during the summer, when most lose access to free and reduced-price 
lunches, and additional money for the administration's "moonshot" effort to 
cure cancer.

   "My budget is going to offer more opportunities for Americans to get the 
education and job training that they need for a good paying job," Obama said on 
Friday. "It will offer new ideas for benefits and protections that provide 
folks with a basic sense of security."

   ___

   RED INK IS WORSE

   Believe it or not, last year's $439 billion deficit was actually pretty good 
even though it required the government to borrow 12 cents of every dollar it 
spent. That's way down from the record $1.4 trillion deficit, which required 
borrowing 40 cents of every dollar spent, registered in Obama's first year in 
office.

   But now, the Congressional Budget Office says that last year's tax and 
spending bill, combined with worsening economic projections, means that 
deficits will begin a steady march to the $1 trillion mark in a few years. 
Sooner or later, CBO says, action to curb the deficit is a must, or else it 
could drag down the economy and lead to a potential European-style fiscal 
crisis. These problems will be left to Obama's successor since he and GOP 
leaders have long since given up on working together to get the deficit under 
control.

   ___

   DEAD ON ARRIVAL

   Hate the cliche, tagged onto the budget of virtually every president, but it 
has never been truer. In fact, House Speaker Paul Ryan, R-Wis., declared 
Obama's $10 per barrel of oil tax dead on arrival. Obama's budget is so dead 
that the Republican chairmen of House and Senate Budget committees issued a 
statement declaring they wouldn't even bother to hold the requisite day-after 
hearing to allow White House Budget Office chief Shaun Donovan to go through 
the motions of defending it.

   "Nothing in the president's prior budgets ... has shown that the Obama 
administration has any real interest in actually solving our fiscal 
challenges," chided House Budget Chair Tom Price, R-Ga.

   House Minority Leader Nancy Pelosi, D-Calif., called the Republican 
chairmen's actions "insulting" and said their "contemptuous attitude is 
unworthy of the U.S. Congress and the American people."

   ___

   REAL STRUGGLE

   After the budget's brief time in the spotlight and the GOP's countermeasure, 
the real work begins: Action on the 12 individual bills to finance the 
government agencies and departments. Those bills divvy up the approximately 
one-third of the budget passed each year at Congress' discretion, including 
funds for the Pentagon and the day-to-day operations of domestic agencies.

   The process has gotten way off kilter in recent years, consumed by 
brinksmanship and hard feelings, but Ryan and Senate Majority Leader Mitch 
McConnell, R-Ky., say they want to get it back on track. Finishing the bills 
before the election is a heavy lift, and if Republicans win the presidency in 
November, they could stick to a short-term extension and wait for the new 
president to finish the bills.


(KA)


 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN