President Obama Budget Predicts $1.3 Trillion Deficit For 2012

By: Associated Press
By: Associated Press

Stay up-to-date with KAKE News:

Friday, February 10, 2012

The White House is confirming a report that President Barack Obama's new budget predicts a $1.3 trillion deficit for the ongoing fiscal year. The deficit would drop to $901 billion next year under the administration's tax and spending policies.

In his budget submission on Monday the president will also repeat his call to raise the top income tax rate for individuals making more than $200,000 a year and families earning $250,000 from 35 percent to 39.6 percent as part of $1.5 trillion in tax hikes over the coming decade.

The election-year document is sure to get a brushoff from Republicans controlling the House.

The figures were first reported in The Wall St. Journal, which viewed leaked draft budget documents


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 139107659