Question of the Week: Do you support the President's budget request for Fiscal Year 2013?Posted by Randy | February 16, 2012
On Monday, the President unveiled his $3.8 trillion budget plan for Fiscal Year 2013. The Washington Post reports that the budgets calls for "$350 billion in new stimulus to maintain lower payroll taxes, bolster domestic manufacturing, lure jobs back from overseas, hire teachers, retrain workers and fix the nation’s crumbling infrastructure. There would be only modest trims to federal health-care programs and no changes to Social Security, the biggest drivers of future borrowing, despite last year’s raucous political debate over the federal debt." According to the Associated Press, "By the administration's reckoning, the deficit would drop to $901 billion next year — still requiring the government to borrow 24 cents of every dollar it spends — and would settle in the $600 billion-plus range by 2015.The deficit for the current budget year, which ends Sept. 30, would hit $1.3 trillion, a near record and the fourth straight year of trillion-plus red ink." Despite these increases in stimulus-type spending, the Administration is also advocating for cuts to national defense by $32 billion from last year's overall defense spending. As Mackenzie Eaglen, an analyst for AEI noted, "This budget will shrink the size of the U.S. Navy and Air Force even though the emphasis on Asia is supposedly one of air and naval power. The President is proposing to retire massive numbers of ships and aircraft before the end of their service lives at a time when numbers matter because the demand for U.S. presence abroad is not declining."
The President's budget is available here: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2013/assets/appendix.pdf
Question of the Week: Do you support the President's budget request for Fiscal Year 2013?
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