The following is an excerpt from JEFF MASON AND DAVID LAWDER | February 9, 2016 | reuters.com |
U.S. President Barack Obama proposed a $4.1 trillion spending plan for fiscal year 2017 on Tuesday in a final White House budget that met immediate Republican resistance for its cost and reliance on tax hikes to fund domestic priorities.
Obama, a Democrat who leaves office next January, sought to outline his fiscal and political vision for the country with proposed investments in infrastructure, cyber security, education, and job growth.
It also includes more than $11 billion for the Departments of Defense and State to fight Islamic State militants and stabilize Syria - one measure that could draw bipartisan support.
But the plan is primarily a political document and is unlikely to be embraced by the Republican-controlled Congress.
Paul Ryan, the Republican speaker of the House of Representatives, called it a "manual for growing the federal government at the expense of hardworking Americans."
The budget envisions a deficit of $503 billion in fiscal 2017 after a $616 billion budget gap in the current fiscal year ending on Sept. 30.
It seeks to cut deficits by $2.9 trillion over 10 years largely through smaller tax breaks for wealthy earners, new savings in Medicare healthcare, and assumptions that adoption of its policies on immigration reform and other areas would boost economic growth.
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