President Obama has delivered his fifth annual budget proposal.
The plan is to increase spending on infrastructure and pre-school education.Obama’s blueprint includes measures to reduce the country’s deficit through tax hikes and spending cuts.
He called on Republicans to react positively to his proposals:
“If anyone thinks I’ll finish the job of deficit reduction on the backs of middle class families or through spending cuts alone that actually hurt our economy short-term they should think again. When it comes to deficit reduction I have already met Republicans more than halfway, so in the coming days and weeks I hope that Republicans will come forward and demonstrate that they really are as serious about the deficit and debt that as they claim to be,” he said.
For 2014 the federal deficit is running at around 570 billion euros, around 4.4 percent of GDP Obama wants to reduce it to 1.7 percent by the end of the decade.