President Obama Unveils New Budget - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

President Obama Unveils New Budget

Posted: Updated:
President Barack Obama [file photo] President Barack Obama [file photo]

Associated Press

WASHINGTON (AP) -- President Barack Obama has unveiled a $3.55 trillion spending plan for next year that would boost taxes on the wealthy and curtail Medicare to make way for a $634 billion down payment on universal health care.

In addition to sending Congress his budget for 2010, Obama on Thursday proposed a series of changes that would push spending to $3.94 trillion in the current year. That would result in a record deficit Obama projects will hit $1.75 trillion, reflecting the massive spending being undertaken to battle a severe recession.

Read about the new budget.

As part of the effort to end the crisis, the administration proposed boosting the deficit by an additional $250 billion this year, enough to support as much as $750 billion in increased spending under the government's financial rescue program.

Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.