U.S. President Barack Obama will propose a new budget tax cuts for low-income families , a retirement savings plan , as well as appeal to Congress urging introduce certain tax benefits to offset the costs of higher education.
On Monday, March 3, the Obama administration has published excerpts from the President’s address to the Legislature on the adoption of the budget ( $ 3 trillion ) for 2015 fiscal year. White House asks to allocate $ 56 billion to repair roads , bridges , training and early childhood education .
The White House also plans to tighten tax rules for U.S. companies operating abroad. However, the situation may spoil presidential medical program Obamacare.
According to the Wall Street Journal, President Barack Obama intends to reject concessions to Republicans . And the document is designed in the spirit of the Democratic Party.
The draft budget included an increase in government spending , especially in the social sector and the defense industry . A plan to compensate by raising taxes for wealthy citizens.
” We’ll pay for each coin , by reducing unnecessary costs and closing wasteful tax loopholes ” – the president said in his address to the Democratic National Committee .
This is the sixth budget during his stay on the Obama presidency. This year, he accepted a month late and 8 months before midterm congressional elections .
The new budget reflects the political priorities of the president and is designed so to provide legislators from the Democratic Party to re-election , writes Bloomberg.
At the same time , the proposed budget is put in contrast to the Republicans , represented in Congress, who will try to block the adoption of the budget and likely will offer a plan .
Expenses in the amount of $ 56 billion can be a stumbling block in the agreement with Republicans .
On October 1 , 2015 when the fiscal year begins , the funds will be distributed equally between the Defense Ministry and the plan for domestic programs .
The plan provides for the construction of production innovation centers for enhancing professional skills , as well as assistance to the regions in the fight against climate change and the development of programs to reduce energy consumption .
