US President Barack Obama has unveiled a 2.7 trillion euro budget, his first since taking office. As well measures to ease the recession Obama intends to expand healthcare, upgrade schools and move the country toward energy independence.
“No part of my budget will be free from scrutiny or untouched by reform. We will end no-bid contracts that have wasted billions in Iraq and end tax breaks for corporations that ship jobs overseas. And we’ll save billions of dollars by rolling back tax cuts for the wealthiest Americans while giving a middle-class tax cut to 95 percent of hardworking families, “ he said. Republicans still smarting over Obama’s 620 billion euro stimulus package have indicated they are ready to take on the new administration. The president’s budget pencils in the possibility that he may request an additional 200 billion euros to help fix the troubled U.S. financial system. It is estimated the cost of the wars in Iraq and Afghanistan will total more than 110 billion euros this year. But that is forecast to decline to 102 billion euros in 2010. Spending on the conflicts is expected to drop sharply after that.