Tuesday, February 2, 2010

Obama Budget Highlights – GOP Hypocrisy

Here are some of the highlights of Obama’s 2011 budget:

budget ...

Some highlights:

$25 billion for state governments to meet Medicaid costs.


$33 billion in additional funds this year for the wars in Afghanistan and Iraq, and a budget of $159 billion for those conflicts in 2011, $46 billion more than the 2010 budget. The overall increase in the 2011 vs. the 2010 Pentagon budget: $44 billion.

$28 billion for elementary and secondary education programs, a $3 billion increase.


$17 billion more for Pell grants to students in higher education.

$61.6 billion for civilian research and development, a $3.7 billion increase over this year.


$43.6 billion for the Department of Homeland Security, a 2% increase. This will include $734 million for 1,000 advanced imaging machines to enhance airport security.

$100 billion in small-business tax cuts.

$37 billion increase in taxes for oil and gas companies over the next nine years.

$20 billion saved through cuts in some 120 programs, including folding 38 education programs into 11, cutting the National Park Service's Save America's Treasures and Preserve America grant program, cutting the Brownfields Economic Development Initiative, which converts decayed former industrial sites to new uses, and getting rid of the Advanced Earned Income Tax Credit, which allows low-wage workers to get tax-credit checks in advance.

No return to the moon for NASA.

A boost in the top two tax brackets from 33% and 35% to 36% and 39.6%, respectively.

Families that make $250,000 or more would see their capital-gains and dividend tax rates rise from 15% to 20%.

Hedge-fund and private-equity traders now pay capital gains on their fees would be taxes at higher income-tax rates.

Corporations would pay extra taxes on overseas earnings, amounting to more than $120 billion over the next decade.

The budget can be seen here.  [emphasis original]

Inserted from <Daily Kos>

I don’t agree with everything in this budget.  If any president were to submit a budget with which I fully agree, the shock could be terminal.  But this budget seems to be harder on Wall Street than on Main Street.

The GOP doesn’t know which way to turn, as Keith Olbermann discusses with Howard Fineman.


Visit msnbc.com for breaking news, world news, and news about the economy

Can you live with this budget?


Sandra said...

OBAMA and Bernanke are featured in a movie-- about greedy hedge funds called "Stock Shock." Even though the movie mostly focuses on Sirius XM stock being naked short sold nearly into bankruptcy (5 cents/share), I liked it because it exposes the dark side of Wall Street and revealed some of their secrets. DVD is everywhere but cheaper at www.stockshockmovie.com

Tom Harper said...

I agree, it's tough to come up with a budget. No doubt the GOP would only be happy if Obama deleted every social program and tripled the Pentagon's budget. And even if Obama did that, they'd still call him a communist who was born in Kenya.

Lisa G. said...

I mostly like it, but I think it should include the leverage tax to break up the TBTFs. It's a good start, although our defense budget is ridiculously high; we spend more on defense than the next 7 countries behind us. That amount of money cannot be justified. Now, if were were giving vets the care they should receive and giving the soldiers what they need to fight, including the newest and best equipment, I'm good with it.

TomCat said...

Sandra it sounds interesting, but you comment, especially from a blank ID, smells like SPAM.

Tom, you forgot the direcyt transfer of wealth to the top 5% from everoyne else.

Lisa, I agree. The only peoblem with cutting defense right now is the number of jobs in war plants. The time to go after that is when there are jobs for the didplaced workers.