At the moment, Obama is seen as the underdog in November’s presidential elections, but if he keeps pushing for his job creating projects and deficit cutting measures, his chances to a second bid will increase nonetheless. Obama’s latest bid on the budget involves bigger taxes for millionaires and job creating projects and as good as it sounds, one question remains: will it get Congress approval?
With his new budget bid, Obama will enter a face to face battle with the Republicans at a time when GOP members are scoring support points by slashing at the president and accusing him of being incompetent in handling the economic issues of the country. But, Obama’s bid on the budget, as polls have previously shown, is more close to what Americans’ heart desire.
Today, President Barack Obama is expected to send the Congress a new budget proposal that will include measures to achieve $4 trillion in deficit reduction over the next 10 years. The solutions are cuts in government spending and higher taxes on the wealthy. But the Republicans are marketing the proposal as proof Obama isn’t correctly addressing the hairy problem of deficit cutting.
Still, at least Obama seems to be dedicated to his proposal and ready to stand whatever storm such deficit cutting measures will bring on. If you remember, a few months ago a committee to come forward with deficit cutting measures failed miserably because the Republicans and Democrats couldn’t come to an agreement.
As the administration explains, Obama’s proposal is aimed to transform the budget “from one focused on speculating, spending and borrowing to one constructed on the solid foundation of educating, innovating and building”.
Obama’s proposal to cut the deficit will manage to bring it down to $901 billion in 2013, and $575 billion in 2018. But the Republicans have already taken action in criticizing the proposal. They say Obama has failed to do more to restrain the deficit and broke his promise back in 2009 to cut it in half by the end of his first term.
Republican Paul Ryan, chairman of the House budget Committee, said Sunday that “we’re taking responsibility for dealing with the drivers of our debt. Medicare is going bankrupt”. Ryan is preparing an alternative to Obama’s budget proposal.