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    Taking A Look at the New Budget

    By Nisha | February 26, 2009

    obama budgetThis morning the White House released the Obama administration’s ambitious new budget blueprint for fiscal year 2010, which aims to halve the deep federal deficit by the end of Obama’s first term. The entire budget is 146 pages long, so since we know you’re busy women, we’ll give you the Cliffs Notes version. Unless you want to read the whole thing - then you can find it here. Otherwise, here are the highlights:

  • The administration projects the deficit for fiscal year 2009 will reach $1.75 trillion, which is roughly 12.3% of the United States’ GDP
  • Tax cuts for the wealthy (those making over $250,000 a year) will expire as scheduled at the end of 2010
  • Defense: $75.5 billion in spending on Iraq and Afghanistan for the remainder of 2009, $130 billion in spending on Iraq and Afghanistan for fiscal year 2010 and $533.7 billion for Department of Defense.
  • Education: $46.7 billion in spending for fiscal year 2010.
  • Energy: $26.3 billion in projected spending for the Energy Department in fiscal year 2010.
  • Healthcare: $634 billion health care “reserve fund” aimed at reforming the system
  • An additional $250 billion set aside to stabilize the financial system
  • The president also says they have identified $2 trillion in savings just by scouring the federal budget, although half of that is actually $1.1 trillion from tax increases.

    Topics: Economy, First 100 Days, Obama

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    One Response to “Taking A Look at the New Budget”

    1. George Spink Says:
      February 27th, 2009 at 12:50 am

      I like President Obama’s Stimulus Plan and the FY 2010 Budget. I believe he will move our country in the right direction.

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