President Obama Sends Record $4 Trillion Spending Plan to Congre - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

President Obama Sends Record $4 Trillion Spending Plan to Congress

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President Barack Obama is sending Congress a $4 trillion budget that would boost taxes on higher-income Americans and corporation. It would use the money to get rid of tight budget spending caps, fund an ambitious public works program and provide middle-class tax relief.

Obama's budget, which will set off months of wrangling in Congress, proposes spending $4 trillion -- $3.999 trillion before rounding -- in the budget year that begins Oct. 1. That's a 6.4% increase over projected spending this year. It projects the deficit will decline to $474 billion in 2016.

In a message accompanying the massive budget books, Obama says his proposals are "practical, not partisan." But even before the books were delivered, Republicans found plenty to criticize in tax hikes totaling $2 trillion.

Obama warns congressional Republicans he won't accept a spending plan that boosts national security at the expense of domestic programs for the middle class.

Obama says he will not accept a budget that "severs the vital link" between economic security and national security. He's proposing higher taxes on wealthier Americans and corporations, and an ambitious $478 billion public works program for highway, bridge and transit upgrades.

The president also says every American has an interest in making sure the Homeland Security Department has what it needs to achieve its mission. He wants Congress to pass a funding bill for the department without rolling back his executive actions on immigration.  (AP)

House Speaker John Boehner says, "The president is advocating more spending, more taxes and more debt." And he adds, "A proposal that never balances is not a serious plan for America's fiscal future."

Republican leaders have said they will produce a budget this spring that will achieve balance within 10 years. They also say it will curb the explosive growth of government benefit programs, and reform the tax code, which is cluttered with loopholes.

Nevada Senator Harry Reid released the following statement today on President Obama's proposed Fiscal Year 2016 budget:

“President Obama's budget is a clear plan for strengthening America's middle class. It would put more money in the pockets of hard working Americans, invest in the future, and ask billionaires and special interests to pay their fair share. That's the best way to create more jobs and it's the right thing to do. 

“The President presents a clear contrast to the special interest politics of this Republican Congress. Democrats want to help hardworking American families and invest in education, research, and the building blocks of our economic future.

“This budget would do exactly that with a $500 tax credit to families with two adult workers. This credit would provide real help for families in Nevada and throughout our country. In addition, tripling the child care tax credit and expanding access to state paid leave would give workers not just more money and job security, but more time.

“In addition, this budget ensures that Yucca Mountain will never see the light of day. Yucca Mountain has not received a dime in years, and that will not change. Everyone should accept that and move on.

“And this budget creates jobs by investing in repairing our nation's crumbling infrastructure and expands access to higher education for thousands of Americans. All of this is achieved by asking big corporations and wealthy billionaires – who have been doing quite well – to pay their fair share. It would do away with tax giveaways for corporations and fund two years of community college for hard working students.

“It is time the 114th Congress works on behalf of all Americans, rather than powerful corporations and special interests. This budget is good for American families and the middle class. I hope that my Republican friends will work with the President to address stagnant wages for middle class workers and put money back in the pockets of families.” 

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