US President Barack Obama has announced a $4 trillion budget for 2016 that will increase taxes on Americans who earn higher incomes, and provide tax relief for the middle-class.
According to reports, President Obama stated that his proposal would “help working families feel more secure with paychecks that go further,”
The budget also allocates $478 billion to upgrade infrastructure and also accounts for the implementation of reforms to cut costs for people paying for child care and education, which are important issues for Democrats.
It is said that the budget will add $474 billion to US debt because the proposal overturns mandatory caps on defence and other spending.
Republicans have criticized Obama’s plans, stating that it will threaten the economy’s recovery and that the main focus right now should be on eliminating the budget deficit. Click to signup for FREE news updates, latest information and hottest gists everyday
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