President Barack Obama Unveils $3.6 Trillion Budget for 2010

President Barack Obama unveiled his blueprint for the 2010 budget on Thursday morning, placing the figure at $3.6 trillion with nearly $900 billion of that going to healthcare reform and a fund for bank bail-outs if they are needed.

To pay for the spending Obama announced he would roll back tax cuts for the very wealthy as well as for businesses that have moved jobs overseas. Despite the increased tax on the rich Obama admitted the budget deficit would remain at $1.2 trillion because, as the President stated, “we must add to our deficits in the short-term to provide immediate relief to families and get our economy moving.”

That “immediate relief” would be in the form of tax cuts that would benefit 95% of American families as well as programs that would help those unemployed.

Obama did say his plans to cut the budget deficit over the long-term would be realized by eliminating waste and government inefficiency. He addressed the matter of the budget deficit saying, “This is a process that will take time, but in the last 30 days alone, we have already identified $2tn in deficit reductions that will help us cut our deficit in half by the end of my first term.”

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