2011 Budget | President Obama 2011 Budget Proposal
President Obama made his 2011 budget proposal today. At $3.8 trillion, it won’t trim deficits in the near future, but will focus on longer-term deficit reduction. Below are the 2011 Budget Details as Proposed:
$3.8 trillion total budget for fiscal year 2011 (it starts October 1)
Defense
- $159 billion for wars in Pakistan and Afghanistan
- $43.6 billion for Homeland Security
- 20% more for Department of Veterans Affairs
Economy
- $100 billion to combat unemployment and create jobs
- A small business tax credit is in the works to encourage increased wages and hiring
Taxes
- $2.6 trillion revenue from taxes and other sources (18% more than 2010)
- Tax cuts will remain for those making less than $250,000/year
- Other tax cuts will expire December 31
- The Making America Work tax cut will remain
- Capital gains tax for new small business investments will end
- Multinational corporations will pay $122 billion more on earnings they make overseas
Education
- $28 billion for the Elementary and Secondary Education Act (that’s 12% more than 2010)
- $17 billion more for Pell grants.
More components
- A big bank fee
- No more subsidies for gas, oil, and goal producers
- A 3-year spending freeze
- Slashing or paring down 120 government programs (including the Army Corps of Engineers, 27 education programs, NASA, and more)
Based on Wall Street Journal:
Mr. Obama plans to rely on a new debt commission, created by executive order, to come up with recommendations on how to meet his promise to bring the figure down to the equivalent of 3% of GDP by 2015, according to budget analysts briefed on the proposal.
