From the White House: President’s $3.7 Trillion Budget

The White House
February 15, 2011
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President Obama’s budget blueprint for fiscal year 2012 would trim or terminate more than 200 federal programs next year and make investments in education, transportation and research in a bid to boost the nation's economy and reduce record budget deficits.

In a 2/16 blog post, Jared Bernstein, Chief Economic Advisor to the Vice President, writes:

"[The administration's] Budget meets two goals: it makes tough but necessary cuts that put our nation on a sustainable fiscal path.  And it’s a budget that invests wisely to ensure economic opportunity for working Americans. ... there’s also a lot in this budget to help middle-class families get back to work, afford college, to protect them at work, and strengthen their retirement."

He goes on to list a few examples, including:

  • Helping Keep Child Care Affordable:  The Budget proposes to expand the Child and Dependent Care Tax Credit, which helps families cover the rising cost of child care.  Our proposal will nearly double this tax credit for families making less than $75,000 a year, and nearly all eligible families making less than $103,000 a year will see their credit increase.
  • Helping Students and Their Families Pay for College:  The Budget proposes to build on the gains we’ve made over the last two years in boosting college affordability, including permanently extending the President’s new American Opportunity Tax Credit, which provides students and their families with a tax credit of up to $2,500 a year to help pay for college.  The Budget also makes the tough choices necessary to maintain the $5,550 maximum Pell Grant award.
  • Providing Support for Family Caregivers: The Budget proposes to devote $96 million to the Administration's Caregiver Initiative, an effort to expand assistance for families and seniors so that caregivers can better manage their multiple responsibilities and seniors can live in the community for as long as possible.

For the full blog and other resources, please visit the link below.

Watch Obama's announcement as he unveiled the budget at Parkville Middle School and Center for Technology in Baltimore (video).


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