Sunday, February 22, 2009
Obama wants to reduce spending by Iraq, to tax the rich more
Posted by Lesbond at Sunday, February 22, 2009
President Barack Obama wants to reduce the fiscal deficit in half by the end of his first term, largely by reducing the cost of Iraq war, increasing taxes on the wealthiest and streamline the federal bureaucracy, said an official of the administration.
Obama's proposal for fiscal year 2010, which begins on 1 October, projected that the deficit inherited from the administration of George W. Bush, of about 1.3 trillion dollars, shall be reduced to 533,000 million dollars in 2013.
"We can not generate sustained growth if we do not control the deficit tax, Obama said Saturday in his weekly radio and the internet.
Obama is expected to provide a summary of their proposed budget on Monday at a reunion at the White House on tax policy. It could also provide an explanation on Tuesday night, when deciding his first speech to Congress.
It is believed that Obama will send a sketch of the proposed budget to Congress on Thursday, barely a week after the promulgation of its economic stimulus plan by 787,000 million dollars.
It is expected that the draft budget also takes steps Obama to fulfill their campaign promises to establish a universal health insurance and reduce dependence on foreign oil.
The official, who spoke Saturday on condition of not being identified, said that Obama expects to reduce the fiscal deficit by generating savings in three areas.
Obama has pledged to withdraw most combat troops from Iraq in a span of 16 months after taking office.
He also said that it will expire in 2011 tax cuts for people earning more than $ 250,000 per year. This measure was enacted by Bush.
He also promised to improve government efficiency and reduce costs by eliminating programs that do not work.
