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3.1 Trillion Dollar Budget: That’s A Lot of Zeros…
President Bush’s proposed budget is ready for review from Congress, already put down by Democrats and some Republicans who say it uses Budgetary gimmicks to project a surplus by 2012. (Yahoo News)
Here are the highlights:
- 3.1 Trillion Dollars spent in a 12 month period
- Stimulate Economy
- $150 Billion Stimulus Package for Individual Refunds and Business Investment Tax Cuts
- Housing Market
- $2.150 Billion for Combating foreclosures and maintaining a healthy Housing Market
- Tax Cuts
- Makes Permanent, the 2001/2003 Tax Cuts set to expire in 2010
- Health Insurance
- Standard health insurance deduction for everyone
- No Child Left Behind
- $14.3 Billion for Title I
- $1Billion for Reading First Program
- $300 Million for Pell Grants for Kids
- $491 Million for School Improvements
- $95 Billion in financial aid for College Students
- $2.6 Billion increase for Pell Grants for College students
- American Competitive Initiative
- $12.2 Billion to National Science Projects
- Energy
- $2 billion for International Clean Energy Fund
- Doubles capacity of Strategic Petroleum Reserves
- $242 Million for Nuclear Power
- $302 Million for Advanced Fuel Cycle Initiative
- $648 Million for Coal Research
- Security of America
- 515 Billion for Department of Defense
- $70 Billion for War
- 10.7 Gov. wide increase for security and terrorism prevention
- $500 Million for 2,200 New Border Patrol Agents
- $6 Billion to enhance security of Transportation Systems
- Worldwide Peace, Democracy and Economic Opportunity
- 14.9 % increase for International Affairs
- $400 Million support Freedom in Iraq
- $1.1 Billion to build up Afghanistan
- $75 for Palestine to promote good governance
- $142 Million for support of Government of Lebanon
- $830 for Pakistan Stability
- $550 Million Security concerns and Drug Trafficking in Mexico and South America
- $249 Million to help Gov. agencies respond to crises
- Balance budget by 2012
- Keeping Taxes Low and restraining Gov. Spending
- Cut back on entitlement spending:$196 Billion Medicare/Medicaid
- Reduces or Terminates 151 Programs: $18 Billion/ Channels funds to other programs
- Proposes that Congress cut the number and costs of “Earmarks” i.e. Pork in half from 2008 levels.
- Orders Gov. Agencies to ignore earmarks concealed in report language.
- Calls on Congress to approve legislative line-item veto
- Stimulate Economy
A copy of the Budget Summary can be seen at Budget Summary
A full copy of the whole Budget can be seen at Budget
budget bushs budget proposal congress economy
on February 4th, 2008 at 9:01 pm
Interesting budget. Although I am Canadian he has some pretty orders there
on February 4th, 2008 at 11:37 pm
Cut $196 billion from Medicare and Medicaid..
This while costs will rise above the cost of living index..so even more damaging..
Why can’t we just institute Single Payer Health Care which will reduce costs..?
This cut will really do great harm to our elderly and disabled who can least afford it so they will not go get health care as they cannot afford their share and also more and more of those few doctors who even accept Medicaid will see fit to cease doing it..
Bush is really an enemy of the average American who he has so ill served these 7 years..
on July 29th, 2008 at 8:39 pm
Well this just in Bush’s ridiculous spending is now 490 billion dollars over what we actually have from revenue this year. Kudo’s to Bush. http://hotfixamerica.com/?p=36