US President Barack Obama
has announced a $4 trillion budget for 2016 that will increase taxes on
Americans who earn higher incomes, and provide tax relief for the
middle-class.
Obama stated that his proposal would “help working families feel more secure with paychecks that go further,” Al Jazeera reports.
The budget also allocates $478 billion
to upgrade infrastructure and also accounts for the implementation of
reforms to cut costs for people paying for child care and education,
which are important issues for Democrats.
It is said that the budget will add $474
billion to US debt because the proposal overturns mandatory caps on
defence and other spending.
Republicans have criticized Obama’s
plans, stating that it will threaten the economy’s recovery and that the
main focus right now should be on eliminating the budget deficit.
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