White House's New Budget
Monday, February 13th, 2012 -- 11:11 AM
-The White House rolled out its new $3.8 trillion budget.The new budget is promising major investments to spur a manufacturing revival in the U.S. while walking a fine line between the August debt accords and President Barack Obama?s fear that too much austerity now will spell trouble for the economy?and his own reelection chances in November.
From Justice to Defense and Homeland Security, as many as six cabinet level departments or agencies will see their budget shrink in compliance with the new appropriations caps. But Obama would also go outside the box by creating new mandatory spending initiatives costing tens of billions of dollars.
This is the fourth straight year of $1 trillion-plus deficits and only marginal improvement in 2013 when the shortfall will narrow to $901 billion?still a far cry from what the president had promised when he took office in 2009.
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