Obama Releases Proposed Budget For 2013

February 13, 2012

U.S. President Barack Obama's proposed budget for 2013 has been released.

The plan calls for continued public-works spending while increasing taxes on the wealthy and corporations in order to reduce the federal deficit in the years ahead.

Speaking at a campaign-style rally in northern Virginia on February 13, Obama said the plan focuses on ensuring the U.S. economic recovery stays on track.

He warned against cutting government spending that is important for growth.

The plan projects a deficit in 2013 of $1.3 trillion, the fourth straight year it would be higher than $1 trillion.

Jacob Lew, the president's chief of staff, says the proposal will help achieve $4 trillion in deficit reductions during the next 10 years.

Opposition Republicans have criticized tax increases on corporations and the wealthy.

Compiled from agency reports

Source: http://www.rferl.org/content/obama_releases_2013_draft_budget/24483012.html

Copyright (c) 2012. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036.