President Obama delivered his final budget proposal to Congress today. The new spending plan that starts October first is proposing to spend a record four point one trillion dollars. Initiatives within the plan span everything from fighting ISIS, global warming, and cancer.
The budget would increase taxes by two point six trillion dollars over the next ten years and also includes a ten dollar per barrel tax on crude oil. Part of the President’s efforts to combat global warming is with the additional money the oil tax would bring in.
A notable surge in spending for benefit programs like Social Security and Medicare is linked to the expected retirement of millions of baby boomers.
The proposal is expected to be dead on arrival in the Republican lead congress as House Speaker Paul Ryan has already lambasted the budget proposal for growing the federal government and specifically the oil tax saying quote “Americans deserve better.” The House Republicans are apparently producing a budget of their own in the coming weeks.