Record spending, taxes on banks and a squeeze on the wealthiest: Obama sends final budget to Congress - where GOP says it's dead in the water ALREADY
- President proposes spending $4.1 trillion - biggest amount in history
- War on cancer, measures against global warming and ISIS all in plan
- Spending to be funded by taxes on banks and the wealthiest
- But Republicans refuse to even hear from his top official on the plan
President Barack Obama is sending Congress his eighth and final budget, proposing to spend a record $4.1 trillion on a number of initiatives.
They include launching a new war on cancer, combating global warming and fighting growing threats from ISIS terrorists.
The new spending plan, for the budget year that begins on 1 October - just three and a half months before he leaves office - is facing heavy fire from Republicans who hope to capture the White House in November elections.
The proposal had dim prospects of winning approval in a Republican-controlled Congress.
The GOP has already refused to hear testimony from the president's top budget official, Politico reported, indicating that there is no interest in an immediate deal.
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Liberal spending list: President Obama, who met Italian president Sergio Mattarella, in the Oval Office yesterday, has spent a tax and spend budget to Congress
A Capitol Hill staff member holds a copy of President Barack Obama's fiscal 2017 federal budget after it is delivered to the House Budget Committee Room on Capitol Hill
Ths is going to go smoothly then: Copies of President Barack Obama's final fiscal 2017 budget proposal are staged for display by Eric Euland, staff director for Mike Enzi, the Republican chairman of the Senate Budget Committee - with the signs behind spelling out exactly what the Republicans think
Copies of the President Barack Obama's fiscal 2017 federal budget are delivered to the House Budget Committee Room on Capitol Hill
In all, Obama's budget would increase taxes by $2.6 trillion over the coming decade, nearly double the $1.4 trillion in new taxes Obama sought and failed to achieve in last year's budget.
Republicans made their feelings clear in Congress today, with copies of the new budget proposal being displayed in front of signs saying 'more taxes', 'more spending' and 'more deficit'.
The plan will have to be dealt with in some form by 30 September to avoid a government shutdown.
But legislators and the White House would be able to strike a deal for a short-term continuation of spending without agreement on the main Obama proposals.
Those represent a wish-list of liberal priorities which have generated fierce conservative opposition each time they have been presented to Congress.
Among the most politically-loaded measures are more pre-K grants, expanding childcare, wind and solar energy incentives, high-speed rail spending - which has been consistently blocked - cash for poorer countries to mitigate the effects of what the White House says is man-made climate change, and a tax hike on crude oil.
Republican lawmakers said Obama's proposal to impose a $10 per barrel tax on crude oil to bring in an additional $319 billion over the next decade had no chance of winning approval in Congress. Obama's budget would use that money to fund billions of dollars in alternative transportation programs as part of efforts to deal with global warming.
'This isn't even a budget so much as it is a progressive manual for growing the federal government at the expense of hardworking Americans,' said House Speaker Paul Ryan.
Even with the increased taxes, Obama's budget projects sharply higher deficits in coming years, totaling $9.8 trillion over the next decade.
Much of the problem relates to the surge in spending on the government's big benefit programs of Social Security and Medicare, which are forecast to soar with the retirement of millions of baby boomers.
The budget sees the economy growing at a 2.6 percent rate this year, though administration officials noted that projection was finalized in November, prior to the recent stock market slide. Inflation would remain low, registering a 1.5 percent gain this year.
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