February 27th, 2009, 11:36
Following in Bush's footsteps, at least in regard to no passing thought as to a mushrooming deficit.
Obama unveils $3.55-trillion budget plan
The president's outline of his proposal for 2010 boosts federal spending to a record level. It also raises taxes for the wealthy and sets aside funds for universal healthcare.
February 26, 2009
Reporting from Washington -- President Obama today unveiled a $3.55-trillion budget outline for fiscal 2010 that he described as an "honest accounting" of the federal budget, the damage of the ongoing financial crisis and the efforts needed to turn the economy around.
The budget outline -- which included broad goals and few line items -- was largely a political document, designed to underscore the effects of "an era of profound irresponsibility that engulfed both private and public institutions, from some of our largest companies' executive suites to the seats of power in Washington, D.C.," Obama wrote in his message.
The budget calls for spending that totals $3.93 trillion in fiscal 2009 and $3.55 trillion in 2010. It projects a federal deficit of $1.75 trillion for 2009 and $1.17 trillion deficit for 2010 -- both of which will be twice as large as the previous worst year on record.
Those numbers are eye-popping, Obama said, not only because of the two stimulus measures enacted in the last year, but also because the previous administration left large sums of government spending off the books.
more latimes.com/news/nationworld/nation/la-na-obama-budget27-2009feb27,0,2600875.story
Obama unveils $3.55-trillion budget plan
The president's outline of his proposal for 2010 boosts federal spending to a record level. It also raises taxes for the wealthy and sets aside funds for universal healthcare.
February 26, 2009
Reporting from Washington -- President Obama today unveiled a $3.55-trillion budget outline for fiscal 2010 that he described as an "honest accounting" of the federal budget, the damage of the ongoing financial crisis and the efforts needed to turn the economy around.
The budget outline -- which included broad goals and few line items -- was largely a political document, designed to underscore the effects of "an era of profound irresponsibility that engulfed both private and public institutions, from some of our largest companies' executive suites to the seats of power in Washington, D.C.," Obama wrote in his message.
The budget calls for spending that totals $3.93 trillion in fiscal 2009 and $3.55 trillion in 2010. It projects a federal deficit of $1.75 trillion for 2009 and $1.17 trillion deficit for 2010 -- both of which will be twice as large as the previous worst year on record.
Those numbers are eye-popping, Obama said, not only because of the two stimulus measures enacted in the last year, but also because the previous administration left large sums of government spending off the books.
more latimes.com/news/nationworld/nation/la-na-obama-budget27-2009feb27,0,2600875.story