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President Barack Obama Unveils $3.8 Trillion Budget Plan for 2011
U.S. President Barack Obama has unveiled a $3.8 trillion budget plan for 2011, a budget that will emphasize job creation programs while cutting or capping several domestic programs already in place.
In his State of the Union address last week Obama focused his attention on job creation and as part of his new budget he emphasized the need for $100 billion in tax breaks for businesses to hire new employees. Obama stressed job creation as a means of tackling a national debt he believes will hit $1.56 trillion this year.
With more than seven million people losing their jobs since the economy went into a recession the government has lost a considerable source of income in taxes. Obama has said by cutting into the 10% unemployment rate that could be reversed and would help considerably in reducing the country’s deficit.
Obama’s new budget also called for serious cutbacks in spending on current projects. The president said reducing waste in these programs could save a significant amount of money, declaring “We cannot continue to spend as if deficits do not matter.’
While Obama called for cutbacks in some programs there are others that will likely be eliminated all together. One such program expected to be scrapped is NASA’s Moon mission.
Congress still has to approve Obama’s budget plan, scheduled to begin on Oct.1, before it can be put in place.
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