Reply #7: Highlights of budget plans by Obama, Democrats

[steven johnson]

Here is a truncated summary of the highlights of the Obama and Democratic Spending plan passed. Go to the original for the complete summary.

SPENDING

Obama: $3.6 trillion in total government outlays, including $1.4 trillion for defense and domestic programs funded through appropriations bills, and $130 billion in new money for the wars in Iraq and Afghanistan. Benefit programs such as Medicare and Social Security, as well as interest payments on the $11 trillion national debt, account for most of the rest.

House: $3.6 trillion, largely tracking the president, except for $125 billion in both 2009 and 2010 sought by Obama for a further financial stabilization. Projects slightly slower growth in spending over the longer term

Senate: $3.5 trillion, and slows spending growth slightly further over the long-term.

TAXES

Obama: Extends President George W. Bush's tax cuts on income and investments, as well as benefits for married couples and people with children — except for individuals making $200,000 a year or couples earning $250,000 a year. Permanently addresses alternative minimum tax (AMT) so more than 20 million taxpayers don't get hit with tax increases averaging $2,000 a year, and extends a $400 "Making Work Pay" tax credit for most workers and $800 for couples after it expires next year.

http://www.google.com/hostednews/ap/article/ALeqM5g8yKWYJUnGtAM-lYDQNRkZjpy38wD97AH25G2