Thread: Howls Of Protest Greet Obama's $4T Budget

The Times
February 27, 2009

President Barack Obama unveils $4 trillion budget



(Jim Young/Reuters)

The 140-page budget outlines forecasts an enormous $1.75 trillion deficit for this fiscal year

Tim Reid in Washington
President Obama set up a long battle with Republicans yesterday when he unveiled an almost $4 trillion budget that raises taxes, cuts military spending and increases the national deficit to its highest level since the Second World War.

Mr Obama’s first budget provoked howls of protest from Republicans, foreshadowing a fight on Capitol Hill, where the President has to get it passed by the House and Senate.

The 140-page outline, which covers the period until October 2010, forecasts an $1.75 trillion deficit for this fiscal year, which ends in September. It makes clear that Mr Obama is expecting another bailout for the banking sector. Such a move will be generally unpopular and strongly opposed by Republicans and some Democrats on Capitol Hill because the banking sector is blamed widely for the economic crisis. The document includes a $750 billion set-aside for more rescue funds.

The budget also includes a $634 billion “reserve fundâ€

Originally Posted by AirborneSapper7

— Contains nearly $4 trillion in overall spending

And yet I can't find a job...