Quantcast

President's budget keeps government growing despite cuts

By Andrew Taylor

Associated Press

Published: Monday, Feb. 13 2012 11:30 p.m. MST

Nor does Obama tackle Social Security's fiscal imbalance. Payroll taxes paid into the program fall well short of what's needed to cover benefits; the shortfall is made up by tapping into a $2.7 trillion trust fund that's built up since the last overhaul of the program in the early 1980s.

Said Romney: "We can save Social Security and Medicare with a few commonsense reforms, and — unlike President Obama — I'm not afraid to put them on the table."

While Obama and Congress appear headed for deadlock over big-picture questions such as Medicare cuts and tax hikes, there's still the work of filling in the details of last summer's budget and debt pact, which set tight caps on annual appropriations bills funding the day-to-day operations of government.

JOB GROWTH: Obama is seeking more than $350 billion in measures to boost economic growth and job creation in the short term, including $50 billion in upfront investments for transportation projects, $30 billion to modernize at least 35,000 schools and $30 billion to help states hire teachers, police and first responders. .

EDUCATION: The budget seeks $850 million for the administration's "Race to the Top" competition to provide grants to schools undertaking approved reforms and $8 billion to support efforts by community colleges to train 2 million workers in high-growth industries.

MILITARY: The Pentagon's overall spending would drop in 2013 as the military begins an effort to save about $260 billion over the next five years, in part by slashing the number of troops, ending the wars in Iraq and Afghanistan and making limited reductions in weapons systems.

HEALTH CARE: The administration seeks to slow the growth in Medicare and Medicaid by about $360 billion over the next decade, but the Obama budget avoids the radical overhaul that House Republicans are pushing and that deficit commissions have said will be needed to get control of the biggest driver of future deficits.Highlights from Obama's budget proposal

JOB GROWTH: More than $350 billion to boost economic growth and job creation in the short term, including $50 billion in upfront investments for transportation projects, $30 billion to modernize at least 35,000 schools and $30 billion to help states hire teachers, police and first responders. .

EDUCATION: The budget seeks $850 million for the administration's "Race to the Top" competition and $8 billion to support efforts by community colleges to train 2 million workers in high-growth industries.

MILITARY: The Pentagon's overall spending would drop in 2013 as the military begins an effort to save about $260 billion over the next five years, in part by slashing the number of troops, ending the wars in Iraq and Afghanistan and making limited reductions in weapons systems.

HEALTH CARE: Slow the growth in Medicare and Medicaid by about $360 billion over the next decade, but the Obama budget avoids the radical overhaul that House Republicans are pushing.

— Associated Press

Get The Deseret News Everywhere

Subscribe

Mobile

RSS