TOP 10 FACTS:
WHAT DOES PRESIDENT OBAMA’S BUDGET DO FOR YOU?
Yesterday, President Obama delivered to Congress a budget outline that lays the groundwork for our country’s economic recovery and future growth and stability. Included in this budget are significant efforts to reverse the record deficits and debt that were largely brought on by years of reckless borrowing and irresponsible governing. While there is no denying a tough road ahead, the President’s budget invests in key areas that will continue our efforts to ease the pain for Americans and provide a plan for long-term recovery, including:
1. Returns to an honest budget that accounts for anticipated costs, including the wars in Iraq and Afghanistan, AMT, Medicare doctor payments, and responding to natural disasters.
2. Cuts the deficit the President inherited ($1.3 trillion in 2009) by half by 2012.
3. Makes tough choices, demonstrating how the President will take on powerful special interests and pay for his priorities: health care reform, tax relief for 95% of Americans, clean energy and other priorities.
4. Reinstates pay-as-you-go budgeting, strengthening the rule so that we pay for what we buy, which helped reign-in deficits in the 1990s and led to a budget surplus.
5. Restores fairness to the tax code, including tax cuts for 95% of Americans making less than $250,000 a year and tax cuts for college expenses and retirement savings. Allows tax rates to go back to Clinton-era levels for those at the top of the tax bracket.
6. Proposes health care reforms to improve quality, efficiency and accountability of health care in order to control costs and provide resources to expand access to these vital services.
7. Moves us toward energy independence and addresses global warming, by investing in clean energy technologies, industries, and jobs.
8. Renews and restores our education system to expand access for America’s youth, including additional funding for the Early Head Start program, Head Start, and Pell Grants.
9. Rebuilds America’s infrastructure, through investments in high-speed rail, increased security at major ports, investments in clean and safe drinking water, and expanded access to broadband to increase education and health in rural areas.
10. Reforms federal contracting by taking steps to clean up the process and create more transparency ensuring that taxpayers get the best deal for the expenditure.
Note: Prepared by the Office of Majority Leader Steny Hoyer, 2/27/09