President Obama on Tuesday released an election-year budget proposal that calls for $3.9 trillion in spending in fiscal 2015.
Deficit reduction takes a backseat in the budget to jobs initiatives Democrats hope will be popular with voters.
The central elements of the proposal are $56 billion in new stimulus spending above the discretionary budget cap in place for next year, $302 billion in infrastructure spending over four years and a series of tax breaks for lower-income workers.
The initiatives would be fully paid for by increasing taxes on corporations and wealthy individuals.
The stimulus spending is split evenly between defense and non-defense initiatives, and focuses on funds for basic research, elementary education, manufacturing initiatives, jobs training, climate change preparation and restoring cuts to the Internal Revenue Service.
“We have made progress over the last 5 years. But our work is not done. This budget provides a roadmap to ensuring middle class families and those working to be a part of the middle class can feel secure in their jobs, homes, and budgets,” Obama states in the budget message.
The budget projects that by 2024, the deficit would be 1.6 percent of the economy, an improvement over the 1.7 percent deficit projected for 2023 in the last blueprint.
Last year, the White House projected 10 years of deficits added up to $5.2 trillion, while this year’s blueprint puts the number at $4.9 trillion.
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