Obama to Unveil an Ambitious Budget Plan

The Washington Post ^ | February 21, 2009 | Lori Montgomery and Ceci Connolly

[Baladas]

President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on business and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.

In addition to tackling a deficit swollen by the $787 billion stimulus package and other efforts to ease the nation's economic crisis, the budget blueprint will press aggressively for progress on the domestic agenda Obama outlined during the presidential campaign. This would include key changes to environmental policies and a major expansion of health coverage that Obama hopes to enact later this year.

A summary of Obama's budget request for the fiscal year that begins in October will be delivered to Congress on Thursday, with the complete, multi-hundred-page document to follow in April. But Obama plans to unveil his goals for scaling back record deficits and rebuilding the nation's costly and inefficient health care system Monday, when he addresses more than 100 lawmakers and budget experts at a White House summit on restoring "fiscal responsibility" to Washington

[laxcoach]

my mom is a cpa and she told me that at seminars they getting warned about it constantly... that it has been going bubbling through committees for a while, but Republicans had been blocking it.

Certain members of congress consider it a corporate ‘loophole’. Add that to the idea that keeps kicking around to apply fica to all income (no cap) and it gets even uglier. — ya ya libs, I know about the ‘donut’, but I don’t expect that to last long.

The kicker is that they think one way to get it through is to only apply these changes to service based income. I don’t see how they can maintain that distinction. But, it must be geared toward getting more of the income from lawyers, doctors, CPAs, IT, and probably some financial service providers.

If they managed to get both ideas enacted, it would amount to a 13.5% (fica/medicare) immediate tax increase for s-corp dividends.

[arkady_renko]

They will include some sacrificial pork in the budget so that they can can claim they trimmed fat from it.

[roaddog727]

Might be that time is fast approaching.

[servantboy777]

>>Here it comes . . .<<

You betcha! More taxes, more spending.

Our nation has taken a flyin leap toward a socialist big brother society the likes of England.

Thanx to Bush, Clinton, Obama and the liberal progressive congress.

[John123]

primarily by raising taxes on business and the wealthy

Of course! This must be the "change" he is talking about...

[Aggie65]

He is actually modifying the draft FY10 that Bush's team had started. All FY10 MILCON was submitted as Sept/Oct for review. DOD reviewed the MILCON and all other appropriations and for differences, determine the correct amount. They made DOD decisions and services (Army, Navy, Air Force, and DOD Agencies submitted reclamas. The FY09 MILCON and the DOD FY09 were the only 2 out of 13 appropriation acts completed. The rest of the government is on a Continuing resolution.

[patton]

Aahhh, then I stand corrected.

[AmericanVictory]

And all that new environmental regulation and additional health care will produce revenue? Why say anything that makes sense when your kneepadders such as Matthews will echo anything you say and never hold you accountable when it doesn't work?

[TennTuxedo]

We Got Your Money!

[ding_dong_daddy_from_dumas]

Obama to Unveil an Ambitious Budget Plan