Obama sends Congress record $4.1 trillion 2017 spending plan
ASSOCIATED PRESS
Copies of the President Barack Obama’s fiscal 2017 federal budget were unpacked after being delivered to the House Budget Committee Room on Capitol Hill in Washington today.
WASHINGTON » President Barack Obama sent Congress today his eighth and final budget, proposing to spend a record $4.1 trillion on a number of initiatives. They include launching a new war on cancer, combating global warming and fighting growing threats from ISIS terrorists.
The new spending plan, for the budget year that begins Oct. 1 just 3½ months before he leaves office is facing heavy fire from Republicans who hope to capture the White House. The proposal had dim prospects of winning approval in a Republican-controlled Congress.
In all, Obama’s budget would increase taxes by $2.6 trillion over the coming decade, nearly double the $1.4 trillion in new taxes Obama sought and failed to achieve in last year’s budget.
GOP lawmakers said Obama’s proposal to impose a $10 per barrel tax on crude oil to bring in an additional $319 billion over the next decade had no chance of winning approval in Congress. Obama’s budget would use that extra money to fund billions of dollars in alternative transportation programs as part of the president’s efforts to deal with global warming.
“President Obama will leave office having never proposed a budget that balances-ever. This isn’t even a budget so much as it is a progressive manual for growing the federal government at the expense of hardworking Americans,” said House Speaker Paul Ryan. “The president’s oil tax alone would raise the average cost of gasoline by 24 cents per gallon, while hurting jobs and a major sector of our economy. Americans deserve better.”
Ryan, R-Wisconsin, pledged that House Republicans would produce a budget that does reach balance in coming weeks.
Even with the increased taxes, Obama’s budget projects sharply higher deficits in coming years, totaling $9.8 trillion over the next decade. Just last summer, Obama’s baseline forecast a deficit of $8 trillion over the next decade.
Much of the problem stems from the surge in spending on the government’s big benefit programs of Social Security and Medicare, which are forecast to soar with the retirement of millions of baby boomers.
The budget sees the economy growing at a 2.6 percent rate this year, though administration officials noted that projection was finalized in November, prior to the recent stock market slide. Inflation would remain low, registering a 1.5 percent gain this year.
32 responses to “Obama sends Congress record $4.1 trillion 2017 spending plan”
Leave a Reply
You must be logged in to post a comment.
Yawn…The White House hasn’t revealed what, if anything, Obama will propose to address the worsening deficit picture.
Obama’s new oil tax is a tax on every American. Spread the word if you have no interest in forking over your hard-earned tax dollars for the sake of the president’s anti-energy agenda!
Actually, it would be “hard earned dollars” not “hard earned tax dollars” And it’s not an “anti-energy agenda” but rather a shift. But, I guess you would rather continue to be beholding to BP and the Saudis, right?
Don’t be silly ad1. “Actually”.Gas companies will react to this hike Obama is proposing.And you know who get will get hit with this,it’s the consumers…with higher gas prices .. BP shease louis!
Most U.S. Oil imports are from North and South America actually.
The nightmare of the lost decade, known as the Obama Administration should quietly go away. He has done enough damage to America, now he wants to further increase taxes on oil. Thanks for leaving office this year Mr. President, aloha, and please leave and no cause anymore pilikia.
Negative gov’t bond rates just translate to another form of taxation. The money paid to the gov’t for the bonds just goes to the treasury. Add to that Obamacare, which has substantially increased the tax rate of productive citizens and then there are the regulations coming out of the White House for the made up problem of global warming and everywhere I turn there is a new tax. With all this new tax money you would think the Federal gov’t wouldn’t need to run a trillion $ deficit.
Seems like the intentions of the U.S. gov’t are pretty clear towards productive citizens who save money.
What do you mean by “bond rates”? Do you mean interest on the bonds? Would you also please tell us what, and how much the “substantially increased tax rate of productive citizens” is? Would you also mind telling us, how much Obama spent on defense annually during his presidency? Oh, and are you saying there are no problems caused by burning of fossil fuels?
Just wait until he retires in Lanikai next year. Cause more Pilikia in Hawaii.
It reminds me of those unscrupulous people purchasing every and anything to placate their need for comfort. Whether they can afford it or not is of no consequences!
baracki huINSANEobamah…the WORST POTUS ever in American history. Difficult to imagine grubers voted for bho TWICE…expecting different results…a sign of an abnormal reasonable thinking human.
So he’s worse than Nixon?
In terms of governing, yes, but his moral compass is much better.
I think Obama’s morality is skewed. He abandoned Israel.
Sad, but yes, he is worse than Nixon. Even worse than Jimmy Carter, which is hard to believe.
That small sounding $10 tax on a barrel of oil comes out to around a 25% tax with current prices. Why does this guy hate transportation so much, he’s the one that fly’s around the globe in that massive jet of our paying.
Because he’s all smoke and mirrors.
Tita Girl. Great post – short and to the point. So easy a cave man/woman could understand it.
Don’t worry, I’m sure a huge part of that budget will pay for your dod retirement package.
advertiser1, oh jeez, unless we reform the DOD’s legacy costs, we won’t have any money for equipment. And that’s what Former Sec. Defense Gates stated.
Choyd, that’s right. Reports sent to Gates said that by 2035 we will be spending $113 Billion annually for retirement benefits, right now it’s at a paltry $50 Billion…
Let’s just forget that the American Society of Civil Engineers, who are vastly more educated than you and I (and frankly everyone else who posts here) stated that America needs to spend $3.6 trillion by 2020 on its infrastructure to stay competitive. But hey, let’s just adopt the “Screw The Experts” mentality that the GOP has adopted! Your uneducated, factless opinion is as good as those who actually are professionally trained and live and breath the work. Let me guess, you think evolution is false, the climate hasn’t changed in 200 years and germ theory is a lie to sell drugs and people actually get sick because they have bad thoughts?
agree. Republicans are crazed animals these days. Not one of their candidates is in any way experienced enough or rational enough to be president except Kasich. Horrible bunch who hate America in all of its diversity.
You are making a straw man argument. The article says the $10 per barrel tax is to fund alternative transportation, like that will keep us competitive. It does little for maintenance and repair of existing infrastructure.
Lee, sorry, would you please explain what you mean by “keep us competitive”. thank you
Ask Choyd, I lifted it from his post.
Simple question: Do you ever leave the house, much less travel to the rest of the country?
Did you eat paint chips when you were a kid?
Do you want your comment reported?
Auwe. I hadn’t thought of paint chips. But, you do make a great point.
Good question. A simple yes or no answer would suffice.
So this is like the GOP Obamacare replacement? *snicker*