President Barack Obama is sending his fiscal year 2013 budget to Congress on Monday, proposing $1.5 trillion in new tax revenue over the next decade while reportedly looking to reduce the federal deficit by $4 trillion in the same period. In the short term, however, the budget "forecasts more red ink in the current fiscal year than in 2011," NPR reports, proposing more spending on infrastructure, manufacturing, and research in order to stimulate job growth.
Naturally, that's got deficit-wary Republicans unhappy, as NPR describes the budget as a "political tool" for Obama's re-election bid, reintroducing facets of his American Jobs Act. The Associated Press quotes from a budget preview that outlined the administration's priorities: "We must transform our budget from one focused on speculating, spending and borrowing to one constructed on the solid foundation of educating, innovating and building," the White House wrote. This year's budget comes with a $1.33 trillion deficit but, the AP reports, "under Obama's outline, the deficit would decline to $901 billion in 2013 with continued improvements shrinking the deficit to $575 billion in 2018."
This article is from the archive of our partner The Wire.