Obama Braces For A Fight Over Budget
http://www.reuters.com/article/politicsNews/idUSTRE51R0PM20090228
US President Barrack Obama has vowed to fight opposition from powerfully lobbyists and others against the $3.55 trillion budget proposed by him to advance his reforms agenda. The proposed budget with a massive $1.17 trillion deficit seeks to hike taxes on the wealthy besides generating savings out of current spending through introduction of measures such as competitive bidding amongst health insurers and ending subsidies.
Ending of several subsidies and tax beaks for banks, agribusiness and oil companies, is another proposal that is likely to face stiff opposition. Republicans have warned that the spending priorities outlined in the budget are not in the interest of the coming generations who will be forced to bear the burden of massive interest. Obama argues that the budget aims to fulfill the promises made by him during his election campaign.
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