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BUDGET



A budget is essentially an itemized estimate of revenue and expenditure.

A budget deficit occurs when spending exceeds revenue.

The United States federal government has signed off, with approval from the Senate and House of Representatives, 40 federal budget deficits in the last 42 years. This has created two incredible statistics:

♦ The federal debt now stands at approximately $15.3 trillion (as of March 2012), which is more than the national Gross Domestic Product.
♦ The federal government has paid $5.96 trillion in taxes during the same period for the debt.



More On The Economy




Current President of the United States

Barack Obama

Presidential Candidate Barack Obama
Obama Position on the Budget

• As the country squirms through recession, President Obama's budget plans to reduce the decades
of economic inequality that prevails in the United States. By bringing in a progressive tax code
which would involve raising the tax rates for the high income category proportionately and
increasing the tax cuts and credits of the middle and low income stratum.

• An overhaul of Health care thereby bringing down private health costs is in the agenda. He signed the American Recovery and Reinvestment Act aimed at creating 3.5 million new jobs, making important infrastructural investments and giving tax reliefs to 95% of working class Americans.

• The President aims for a long term plan for the country concerning clean and renewable energy. By developing alternative sources of power like solar, bio fuels, thermal power etc he plans to lessen imports of foreign oil thus reducing existing deficits.

• By focusing on energy efficiency and conservation, and curbing emissions the country would curb deadly pollution thereby playing an active role in climate change issues.

• Obama recognizes the role of children and youth in shaping the quality of America's future demography and thereby supports reforms like 'No Child Left Behind' and improving education in general right from the kindergarten level, giving essential training and skills to teachers and rewarding them for their good work etc.

• He aims to make college education accessible to all who are competent by expanding Pell Grants and initiating new tax credits.

• Obama chooses to cut down on war costs in Iraq and Afghanistan and proposes to keep aside $250 billion to bail out the US financial industry besides the $700 billion already set aside.

• Before his election, Obama said that he would require disclosure of all congressional pet projects and force lawmakers pay for any new spending or tax breaks through new revenue and cuts in other programs.

More on Barack Obama



 
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