President Bush Proposes New Budget
Our President George W. Bush is presenting Congress with a new spending budget worth $3 trillion.
According to the AP network, Congress isn’t fond of the idea. The plan will increase the funding of the war on Iraq and make his tax cuts, which benefit the wealthy, more permanent. The plan is supposedly going to bring down the national deficit eventually. A few years after he is out of office we should see balance; perhaps by 2012.
President Bush still plans to change the Social Security system. Also, some other things that are characteristic of his budget plans are apparent: cut down healthcare funding and cut education programs. This plan will mean more deficit and more debt, while offering less to important programs like education and healthcare. Tax cuts favoring the more well-to-do also seem important to him. Didn’t he try that last year?
There was a similar budget proposed last year that did no pass through Congress. Most expect that this plan, since it has many of the same faults as the last budget, will not be approved this year either. Hopefully, they are correct.
George W. Bush has set the presidential record for the most expensive spending plans in the history of the country. No president had ever proposed a $2 trillion budget before 2002, when Bush made the record. Now, he surpassed it with this plan, which breaks through the $3 trillion mark.
Bush anticipates the national deficit to rise near the record high in the $400 billion range. The deficit hit its all time high of $413 in 2004.
The AP reported this comment from an interview:
“We have seen this script before. The president proposes more of the same failed policies he has embraced throughout his time in office — more deficit-financed war spending, more deficit-financed tax cuts tilted to benefit the wealthiest and more borrowing from foreign nations like China and Japan,” said Senate Budget Committee Chairman Kent Conrad, D-N.D.
The plan will interestingly create major budget problems for whoever wins the next election. Voters are extremely concerned about how the next leader will be able to handle the problems facing the economy. This is a concern that is on everyone’s mind and will continue to be, regardless of whether or not this plan is approved.
Most likely, Congress is not going to pass it.
