The Wall Street Journal reported just now that President Barack Obama proposed a $3.8 trillion budget for fiscal 2011.
The budget plan calls for nearly $1 trillion in tax increases on upper-income families — largely by allowing Bush-era tax cuts to expire. Banks, bankers and multinational corporations would face new fees and levies. And oil companies would lose $39 billion in tax breaks.
In all, the president’s budget would add $8.5 trillion to the federal debt through 2020, pushing the debt as a percentage of GDP to 77%, up from 53%.
If you are opposed to the budget (except perhaps for the tax breaks on oil companies), let your representatives know. They think you don’t care about your kids and grand kids.