Budget Plan: Take from Wealthy, Give to Poor
President Barack Obama unveiled a $3.9 trillion budget plan Tuesday designed to cut tax breaks for the wealthy while extending tax credits for the working poor.
In his 2015 budget proposal, Obama also plans to cut Social Security benefits and put more toward education, job training, and infrastructure.
Obama's proposal includes an additional package of $56 billion paid for by cutting spending and closing tax loopholes. Half would go into defense and half into domestic programs.
But Republicans said the best way to help the economy grow is by cutting taxes or reforming the tax code, not more government spending.
The president and Congress have already agreed on the two-year budget pact. The Democrat-controlled Senate said they won't advance a new budget this year.
What is the point of unveiling this plan if it has no chance of getting anywhere? Phil Kerpen, president of American Commitment, explained this and more on CBN Newswatch, March 4.