CNN: President Obama Announces Budget Blueprint

[Turborama]

Run time: 08:14 https://www.youtube.com/watch?v=q0-Wf8YFvYs   Posted on YouTube: February 26, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: February 26, 2009 By DU Member: Turborama Views on DU: 528

 
Obama sending Congress 'hard choices' budget

The president's first budget will top $3 trillion and predicts soaring deficit

updated 10:52 a.m. ET Feb. 26, 2009

WASHINGTON - President Barack Obama is sending Congress a "hard choices" budget that would boost taxes on the wealthy and curtail Medicare payments to insurance companies and hospitals to make way for a $634 billion down payment on universal health care.

Obama's first budget, which will top $3 trillion, predicts the deficit for this year will soar to a whopping $1.75 trillion, according to administration officials who spoke on condition of anonymity before the public unveiling of the budget Thursday. The huge deficit reflects the massive spending being undertaken to battle a severe recession and the worst financial crisis in seven decades.

The new budget also plans for additional financial bailouts of up to $750 billion, a senior administration official told NBC News. But the White House believes that as the economy improves it will get roughly $500 billion back, so the expected cost to taxpayers is $250 billion.

Continues: http://www.msnbc.msn.com/id/29392964/

[Tyler Generation]

1. You gonna spend money, to make money

I can't get used to hearing a President with common sense!