President Barack Obama revealed his $3.83 trillion spending plan on Monday, vowing amplified attempts to reduce joblessness and requesting that Congress approve new plans for job-creation that would bring the deficit to a staggering $1.56 trillion.
The President’s new budget is looking to keep the deficit from spiraling more out of control, but not before it can solve the greatest challenge facing the nation’s recovery. An excess of 7.2 million jobs have been lost over the course of the recession leaving the unemployment rate over 10 percent. The figures have many individuals, investors and analysts alike, doubting the strength of the recovery and failing to engage in its as deeply as they otherwise might.
In order to combat both the joblessness and its consequences, a spending increase of 5.7 percent for 2010 and more in 2011 will be carried out if approved.
"Until America is back at work, my administration will not rest and this recovery will not be finished," Obama wrote in his budget message.
Tax cuts for businesses, most topically a $5K tax credit for new hires in 2010, unemployment aid and an additional $25 billion for drowning state governments will all be included in the new budget.
The new aid would bring the 2010 to it’s highest point in history by a landslide at $1.56 trillion. The budget for 2009 was $1.411 trillion, followed less than closely by $454.8 billion in 2008.
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