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February 13th, 2012 
FAKE NEWS for the Zionist agenda
“The last thing we need is for Washington to stand in the way of America’s
comeback,” Mr Obama said. “The time for self-inflicted wounds to our economy
is over”.
The budget formally proposed the so-called “Buffett Rule”, named after the
billionaire financier Warren Buffett, which would ensure that million-dollar
earners paid at least 30 per cent in tax.
With hundreds of billions in proceeds going on projects such as new
infrastructure spending and vocational training, it would also close tax
loopholes opened by George W. Bush for families earning $250,000 (£158,338)
a year.
Republicans denounced the plan, which has no realistic chance of being passed
by Congress, as a reheated proposal for yet more stimulus spending that
American taxpayers could not afford.
Representative Paul Ryan, the chairman of the House Budget Committee, accused
Mr Obama of deciding “to campaign instead of govern” by failing to rein in
the budget deficit quickly enough.
“He’s just going to duck the responsibility to tackle this country’s fiscal
problems,” said Mr Ryan. The US is likely to continue depending instead on
short-term spending bills, as it has done chaotically since Mr Obama came to
power.
His budget outlined $4 trillion in spending cuts for the next 10 years, but
said sharper cuts must be delayed until the economy was on a surer footing.
It avoided reforming expensive welfare programmes.
Mitt Romney, the Republican presidential front-runner, accused his would-be
rival of failing to take “any meaningful steps toward solving our
entitlement crisis”, and pledged that he would do.
Under Mr Obama’s plans, the budget deficit — currently equivalent of 8.5 per
cent of America’s economy — would be reduced to 2.7 per cent by 2018, after
he had left the White House.
The proposed budget also plans for about $100 billion (£63 billion) in new
revenue over the next decade from a new tax on big banks and by closing
loopholes for energy firms. It also accounts for dramatic savings in
spending on the wars in Iraq and Afghanistan.
In addition, the Pentagon outlined plans to slash $259 billion (£164 billion)
in spending over the next five years, including a $15.1 (£10 billion) cut to
the Joint Strike Fighter programme, the new aircraft being developed jointly
by the US and Britain and due to be deployed on Royal Navy carriers by 2020.
The US is delaying the purchase of 179 aircraft until after 2017. British
officials insisted yesterday that they were not concerned by the planned
cuts to the project.
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