President Obama is proposing his third annual budget on Monday, and according to a senior official, will be able to reduce projected deficits by almost $ 1.1 trillion over the next decade. This budget has been created with the focus being on achieving stability of the country’s fiscal health as well as in an effort to buy some in order to focus on more long-term issues that the country continues to face.
When it comes to the cuts, most of them will be from the domestic programs that he has been supporting for some time now such as grants to airports and states for water treatment plants along with public health and forestry programs as well.
In addition to this, assistance in the form of home energy for low-income families and community service block grants will also be cut in half while efforts to revive the environmental health of the Great Lakes will be reduced by a quarter as well.
Apart from this, Obama will also reduce costs in some of the health programs as well reduce military spending too and lastly will continue to extend the Bush tax cuts except for people whose taxable income is more than $ 250000 a year.
And while the Republicans are trying to slash almost $ 100 billion in the current fiscal year alone in their own proposed budget for the year 2012 and going forward, one still cannot say for sure which of these budget proposals will suit the country better.