Obama Presidency

Obama Unveils New Budget With $1.75 Trillion Deficit

| by DeepDiveAdmin

President Obama unveiled his new federal budget today, a $3.55 trillion behemoth that looks to simultaneously shift funds towards Obama's priorities while attempting to help solve America's financial crisis. The budget, which is projected to run at a deficit of $1.75 trillion this fiscal year, would funnel funding towards areas like education, energy and health care while raising taxes on wealthier Americans and cutting what the Obama administration views as wasteful spending.

"Having inherited a trillion-dollar deficit that will take a long time for us to close, we need to focus on what we need to move the economy forward, not on what’s nice to have," Obama said in a press conference announcing the new budget.

Approval of Obama's handling of the economic crisis has been high, especially after his speech promising Americans he would see them through hard financial times. Will Obama's budget priorities be the beginning of the nation's economic recovery, or only make matters worse?

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