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WASHINGTON- President Obama's $3.8 trillion dollar budget for 2013 calls for tax hikes on the rich and more spending on infrastructure and teachers, reports CNN.
"We built this budget around the idea that our country has always done best when everyone gets a fair shot, everyone does their fair share and everyone plays by the same rules," Obama said in his budget message.
KEY BUDGET FACTS From President Obama
- In the Budget Control Act, both parties in Congress and the President agreed to tight spending caps that reduce discretionary spending by $1 trillion over 10 years. This budget reflects that decision. Thus, for all the priority areas we are investing in, difficult trade-offs had to be made to meet these very tight caps.
- Discretionary spending is reduced from 8.7 percent of GDP in 2011 to 5.0 percent in 2022.
- Including the $1 trillion in discretionary cuts, the Budget includes more than $4 trillion in balanced, deficit reduction so that, by 2018, we cut the deficit to less than 3 percent of GDP, stabilize the debt-to-GDP ratio, and achieve primary balance.
- For every $1 in new revenue from those making more than $250,000 per year and from closing corporate loopholes, the Budget has $2.50 in spending cuts including the deficit reduction enacted over the last year.
- 2012 Projected Deficit: $1.33 trillion, 8.5 percent of GDP; 2013 Projected Deficit: $901 billion, 5.5 percent of GDP; 2018 Projected Deficit: $575 billion, 2.7 percent of GDP; 2022 Projected Deficit: $704 billion, 2.8 percent of GDP.
