President Obama is focused on reducing the federal deficit which if not contained will affect the global economy. There is a lot of opposition from the Republicans over the new budget that doesn’t cut any military spending but will affect some social programs. Tax cuts for those high earners will be eliminated reducing their allowable deductions by 30 percent. Also energy providers will lose 12 of their tax deductions which will most likely translate into higher costs for the consumer.
Obama’s new budget proposes investing in the technology and green energy sectors in the interest of reducing unemployment. Obama’s spending cuts will affect programs utilized by the nation’s poor citizens, most notably energy subsidies. The budget plan also calls for a freeze in pay for public workers. The reduced spending in social programs will create financial problems for those who have trouble making ends meet causing them to accumulate debt and need bankruptcy lawyers.
Many American’s use credit cards and loans to supplement their dwindling household incomes. The accumulating debt many Americans face can be impossible to overcome requiring the assistance of bankruptcy attorneys. The new federal budget also takes money from the funds for housing assistance a program also widely utilized by the poorest in the nation. Providing for basic necessities is a major expenditure for most and with the rising prices in commodities this will be even more problematic. With the help of a bankruptcy attorney financial problems can be overcome.
