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Obama's Budget Hits $3.55 Trillion
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Published: February 27, 2009
President Barack Obama unveiled a $3.55 trillion spending plan Thursday that would boost taxes on the wealthy, curtail Medicare, lay the groundwork for universal health care and leave a string of deficits dwarfing any in the nation's history.
HIGHLIGHTS:
>>> Higher taxes on the wealthy would raise $318 billion over 10 years to help pay for a $634 billion expansion in health care coverage.
>>> Middle class tax cuts passed by the Bush administration would be extended.
>>> Domestic agencies would receive budget increases, on average, of 7 percent.
>>> The budget deficit would hit $1.75 trillion in the current fiscal year.
The Associated Press, The New York Times
HIGHLIGHTS:
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