Obama Drops $3.8 Trillion Budget on Congress
(Ed. Note: This has been cross-posted from the OMB blog)
Earlier today, the President sent to Congress his budget for the 2013 fiscal year. This year’s budget reflects the President’s firm belief that our country has always done best when everyone gets a fair shot, everyone does their fair share, and everyone plays by the same rules. It’s a document built around the recognition that this is a make or break moment for the middle class and those trying to reach it. What’s at stake is the very survival of the basic American promise that if you work hard, you can do well enough to raise a family, own a home, and put a little away for retirement.
The Budget continues our commitment to keeping that promise alive by creating an economy that’s built to last – with good jobs that pay well and security for the middle class.
It’s a commitment that starts with jumpstarting job creation so that our economic recovery quickens and more Americans are able to get back to work. The Budget proposes more than $350 billion in short-term measures for job growth starting this year. These proposals include the extension of the payroll tax cut and unemployment insurance benefits for rest of 2012; an upfront investment of $50 billion from the surface transportation reauthorization bill for roads, rails, and runways to create thousands of quality jobs in the short term; continuing to allow businesses to write-off the full amount of new investments; and $30 billion to modernize at least 35,000 schools, and $30 billion to help states and localities retain and hire teachers and first responders.
Building an economy that is built to last also requires that we transform our economy from one focused on speculating, spending, and borrowing to one constructed on the solid foundation of educating, innovating, and building. We need to make America the place with the highest-skilled, highest-educated workers; the most advanced transportation and communications networks; and cutting-edge research that will lead to the innovations and industries of tomorrow. To get us there, the Budget targets resources to the areas critical to growing the economy and restoring middle-class security: education and skills for American workers, innovation and research and development, clean energy, and infrastructure.