|
|
Obama proposes $4.1 tn spending plan in final budget
|
|
|
|
Top Stories |
|
|
|
|
IANS | 10 Feb, 2016
US President Barack Obama on Tuesday laid out his final budget proposal,
seeking $4.1 trillion of spending plan for the fiscal year 2017.
The
budget proposal highlights Obama's priorities for fighting climate
change, helping the poor, increasing taxes for the wealthy, and
strengthening national security, Xinhua reported.
"The budget is a
roadmap to a future that embodies America's values and aspirations: a
future of opportunity and security for all of our families; a rising
standard of living; and a sustainable, peaceful planet for our kids,"
Obama said in a letter sent to the Congress on Tuesday.
The
budget plan envisions a deficit of $503 billion in fiscal year 2017,
lower than the $616 billion of budget gap for current fiscal year which
ends on September 30.
The spending proposal stayed within the
confines of an agreement reached between the White House and Congress
last year that lifted mandatory "sequestration" cuts on both defense and
domestic spending.
It calls for $320 billion to promote clean
transportation infrastructure, and another $11 billion for clean energy.
The budget also seeks $150 billion to boost research and development in
areas from biomedical research to space exploration, and $19 billion
for cyber-security.
The proposal requests more than $11 billion
for the Departments of Defence and State to fight Islamic State
militants and stabilise Syria.
The proposed budget also calls for
the lift of sequestration in 2018 and beyond. It also seeks to cut
deficits by $2.9 trillion over the coming decade through reforms in
health programmes, the tax code, and immigration.
The budget for
the fiscal year 2017 which begins on October 1 is unlikely to be passed
by the Republican-controlled Congress. Leaders of the House and Senate
budget panels have already said they will not even give the proposal a
hearing.
Although there is little chance that the budget will be
passed in the Congress, there are some areas that the White House and
the Congress can agree on, such as funding for cancer research and
expanding the Earned Income Tax Credit to childless adults.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|