U.S. President Barack Obama’s budget will propose tax cuts for low-income families, a retirement savings plan and ask Congress to make permanent certain tax breaks to offset the cost of higher education.
At least 92 U.S. anti-poverty programs that cost a combined $799 billion in the 2012 fiscal year form a “complex web” that often contributes to keeping people poor, according to a report from the House Budget Committee.
President Barack Obama is set to seek a $280 million budget for the U.S. Commodity Futures Trading Commission that, while more than the commission currently gets, is lower than his previous request for an agency that has said it lacks the resources to fully oversee markets, according to people with knowledge of the matter.
Senator Ron Wyden, an Oregon Democrat, said in an interview with Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that one his priorities as the new chairman of the Senate Finance Committee will be renew about 50 U.S. tax credits and deductions that expired as last year ended.
President Barack Obama will emphasize Democratic priorities in his next budget, dropping an offer to trim the growth of entitlement spending and proposing new tax limits for U.S.-based multi-national companies.
Representative Adam Smith, the top Democrat on the House Armed Services Committee, said U.S. troop readiness for future wars will suffer unless politically unpopular cuts are made to military pensions.
The U.S. budget deficit will fall to a seven-year low as a share of the economy, driven downward by stronger economic growth that has boosted tax revenue and helped contain spending, according to the Congressional Budget Office.