This is the VOA Special English Economics Report.
Barack Obama on Thursday proposed his first budget to Congress. He wants to let
the Bush administration's tax cuts for the wealthiest Americans end next year, replaced
by a middle-class tax cut.
other proposals include six hundred thirty-four billion dollars over ten years for
health care reform. But he hopes to raise billions through a system in which
businesses that release greenhouse gases would buy and trade pollution permits.
In all, his plan calls for three
and a half trillion dollars in federal spending for the two thousand ten budget
year starting in October. It also predicts for this year the biggest deficit, as
a share of the economy, since World War Two: one trillion seven hundred fifty
But the president says he inherited a
trillion-dollar deficit. And he says his team has already identified two trillion
dollars in reductions to help cut the deficit in half within four years. Targets
include war spending and direct payments to large agricultural businesses.
say the budget is too big and that the proposed tax increase on the wealthy
would hurt small businesses.
new president gave his first speech to Congress Tuesday night.
BARACK OBAMA: "We will rebuild, we will recover,
and the United States of America will emerge stronger than before."
discussed the seven hundred eighty-seven billion dollars in spending and tax
cuts that he signed into law last week.
BARACK OBAMA: "Over the next two years, this plan
will save or create three-point-five million jobs. More than ninety percent of
these jobs will be in the private sector -- jobs rebuilding our roads and
bridges, constructing wind turbines and solar panels, laying broadband and
expanding mass transit."
He also discussed his budget plan for
next year, saying Congress will need to sacrifice some programs but think long
BARACK OBAMA: "That is why, even as it cuts back
on programs we don't need, the budget I submit will invest in the three areas
that are absolutely critical to our economic future: energy, health care and
answer for the opposition, the Republicans chose Bobby Jindal, the young
governor of Louisiana and the son of Indian immigrants. He said Republicans
want to work with the president. But he said Democrats in Congress chose
"irresponsible" spending over tax cuts, as Republicans proposed for the
economic recovery plan.
BOBBY JINDAL: "It includes three hundred million
dollars to buy new cars for the government, eight billion dollars for
high-speed rail projects, such as a 'magnetic levitation' line from Las Vegas
to Disneyland, and one hundred forty million dollars for something called
'volcano monitoring.' Instead of monitoring volcanoes, what Congress should be
monitoring is the eruption of spending in Washington, D.C."
Stock prices in the United States hit twelve-year lows
And that's the VOA Special English Economics Report, written
by Mario Ritter. I'm Steve Ember.