President Obama's 2015 budget proposal outlines how he plans to spend nearly $4 trillion in a move some say is the starting point for midterm election debates. (Via The White House)
The proposal focuses on cutting taxes for the middle class and raising taxes on the wealthy and some businesses. It also calls for an "opportunity, growth and security initiative" — increasing spending $56 billion more than Congress agreed to. (Via CNN)
USA Today reports that increase will be allocated between defense and domestic funding, including new manufacturing hubs, job training and early childhood education.
Obama also proposes many tax breaks affecting more than 13 million people, one of them the earned income tax credit targeting single families who don't benefit from child care tax credits. (Via WTVT)
But it's looking dead on arrival already. Republicans are blasting the budget proposal as purely political.
BARRASSO: "My concerns are that the president is going to miss a great opportunity to deal with the critical issues of our country: our debt, our deficit, entitlement reform." (Via Fox News)
The Wall Street Journal points out the proposal fails to cut Social Security benefits, which would have been seen as a nod to Republicans who want to see a decrease in the deficit.
But some say the recent budget is just a reflection of the president's "opportunity for all" initiative that he already discussed in his State of the Union address earlier this year. (Via The White House)
RATNER: "People will see that the president's budget has a better chance to reversing the unemployment problem and income problem than what the Republicans want to do." (Via NBC)
But Republican critics say the proposal calls for too much spending on anti-poverty programs that have been proven ineffective.
Former GOP vice presidential candidate Rep. Paul Ryan released a report Monday saying those programs offer little incentive to work and they should be redesigned to help the poor escape poverty. (Via U.S. House of Representatives)
And as far as revenue goes, CNN reports the proposal calls for a "Fair Share Tax" on those making more than $1 million as well as a cap in tax deductions for high-income households.
Now, keep in mind Republicans control the House, so we're not betting the budget would see easy passage in Congress as is. But expect Democrats to focus on its provisions for the party's economic plan ahead of this year's November midterm elections.
