2011 Budget | President Obama 2011 Budget Proposal

February 10, 2010

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)


  • $159 billion for wars in Pakistan and Afghanistan
  • $43.6 billion for Homeland Security
  • 20% more for Department of Veterans Affairs


  • $100 billion to combat unemployment and create jobs
  • A small business tax credit is in the works to encourage increased wages and hiring


  • $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


  • $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.

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