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Obama unveils big spending election-year budget

Tuesday, February 14, 2012 - 02:20

Feb. 13 - U.S. President Barack Obama calls for aggressive spending to boost growth and for higher taxes on the rich as budget is unveiled. Deborah Lutterbeck reports.

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U.S. President Barack Obama is calling for aggressive spending to boost growth and for higher taxes on the rich, laying out an election-year vision for his budget plan. Obama's 2013 budget proposal to Congress requests more than $800 billion for job creation and infrastructure investment, while calling for a minimum 30 percent tax on millionaires. (SOUNDBITE) (English) U.S. PRESIDENT BARACK OBAMA: "The budget that we are releasing today is a reflection of shared responsibility. It says if we are serious about investing in our future, and investing in community colleges and investing in new energy technology, investing in basic research -- we have got to pay for it. And that means we have got to make some choices." Obama called for an end to Bush -era tax breaks that help the wealthiest Americans. (SOUNDBITE) (English) U.S. PRESIDENT BARACK OBAMA: "Keep in mind that a quarter of all millionaires pay lower tax rates than ,millions of middle class households. You have heard me say it. Warren Buffets pays a lower tax rate than his secretary. - EDIT -I don't need a tax break. We donut need to be providing additional tax cuts for folks who are doing really really really well. Do we want to keep these tax cuts for the wealthiest Americans or do we want top spend on everything else? Education, clean energy, a strong ,military, car for our veterans. We can't do both. We can't afford it - EDIT - Some people go around and say the President is engaging in class warfare that's not class warfare, that's common sense. " Congress can ignore the plan and Republicans, who control the U.S. House of Representatives, have made clear that it will be dead on arrival as their party prepares an election battle over taxes, spending and the size of the government. Deborah Lutterbeck, Reuters.

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Obama unveils big spending election-year budget

Tuesday, February 14, 2012 - 02:20