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Congress Considers Obama's Spending Plan
Tuesday, February 02, 2010
Congress is taking a hard look at President Barack Obama's new spending plan today.
The Associated Press reports that the president's proposed $5,000-per-job tax credit for companies that hire more workers could come up for a vote in the Senate as early as the end of the week.
Congress did not pass a similar jobs tax credit last year.
Overall, President Obama's proposed budget raises more taxes than it cuts. His spending plan increases taxes on some businesses and wealthy individuals by about $1.4 trillion over the next decade, and cuts taxes for middle-class workers and other businesses by about $330 billion. If passed, tax receipts would increase by about $1.1 trillion over the decade.
"It's a budget that reflects the serious challenges facing the country," the president said. "We're at war. Our economy has lost 7 million jobs over the last two years. And our government is deeply in debt."
"As if record deficits weren't enough, President Obama's budget still includes major tax increases that will hit our fragile economy like a brick wall," Republican Representative Tom Price of Georgia told The AP.