The nonpartisan Congressional Budget Office
(CBO) last friday released its analysis of
President Obama's budget for fiscal year 2013
concluding that the president's plan will
create a $977 billion dollar fiscal deficit
for next year.
The Obama administration first released its
budget request for the 2013 fiscal year last
month, detailing a host of new fiscal policies
that are designed to bring the nation's
budgetary situation under control. Included
are mandatory caps on discretionary spending
and a revised defense strategy that slims
down the military and decreases defense
spending.
Other changes proposed by the president
include raising income taxes on high-income
earning Americans by allowing the Bush tax
cuts to expire and implementing the "Buffett
rule" making reforms to Medicare and Medicaid
on top of the reforms already legislated
through the Affordable Care Act and
implementing other savings by reducing
agricultural subsidies and making changes
to federal employee retirement and health
benefits.
