Monday, February 1, 2010

Obama's Budget - Energy, Jobs, Deficit, War?

Jobs, spending cuts and war top 2011 Obama budget

Reuters — President Barack Obama on Monday sent a $3.8 trillion budget request to Congress that would narrow the federal deficit by curbing 120 federal programs but set aside $100 billion to tackle unemployment.

The budget plan, which would take effect when fiscal year 2011 begins on October 1, projects a record fiscal deficit of $1.56 trillion this year but predicts the red ink will subside to $1.27 trillion in 2011 and half that in 2012.
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US 2011 Budget Targets Oil And Coal, Boosts Nuclear

Wall Street Journal — The Obama administration's proposed fiscal year 2011 budget targets the fossil fuel industry, aiming to cut around $39 billion in tax benefits over the next decade, but plans to boost the nuclear and renewable sectors.

Unlike the previous budget, the Administration didn't include specific projected revenues under its plans to cut greenhouse gas emissions.

It proposed adding $36 billion in loan guarantee authority for nuclear power plants and up to $5 billion loan guarantee authority for renewable energy.
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Obama Sends Congress $3.8 Trillion Budget, Soaring Deficits Projected

FOX News — President Obama sent Congress a $3.8 trillion budget Monday for fiscal year 2011, pushing a plan that includes new jobs-creation programs but is projected to add nearly $1.3 trillion in deficit spending on top of the current year's projected $1.6 trillion deficit.

According to the plan, the 2011 deficit of $1.267 trillion would fund nearly the entirety of the year's discretionary spending, which is $1.415 trillion or 37 percent of the government's total outlays. Mandatory spending on items such as entitlements and interest payments make up the rest.
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Obama maps route to lower deficits

CNN — In his $3.8 trillion budget for next year, President Obama on Monday laid out how Congress can lighten the country's debt load.

Specifically, he outlined a plan to reduce the nation's debt by $1.2 trillion over the next 10 years, and to get annual deficits as a percent of the economy down from 10.6% today, to 3% by 2015.
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