Obama budget, 2011 budget out - latest news, updates
US president Barack Obama released a $3.834 trillion budget proposal for the year 2011 today, February 1, 2010, projecting around $1.3 trillion deficit despite a three year non military discretionary spending freeze.
The Obama’s budget includes a $6 billion investment in clean energy technologies, a $100 billion job package along with a $3 billion increase in elementary and Secondary Education spending for public schools.
The $100 billion job package includes tax breaks to small businesses that would in turn encourage employers to increase the hiring in companies.
The 2011 budget also seeks a 3 year non military discretionary spending freeze, one of the budgets many attempts to bring down the federal deficit. The plan calls for higher taxes on families who earn more than $250,000 a year, through the expiration of tax cuts implemented by former President George W. Bush in the year 2001 and 2003.
A levy fee on large banks means the government would regain $90 billion in losses stemming from the $700 billion rescue fund.. The budget would be highly debated and discussed in Congress where the Republican lawmakers will come out with their own ideas and what should have been included in the 2011 budget.
The $100 billion job package includes tax breaks to small businesses that would in turn encourage employers to increase the hiring in companies.
The 2011 budget also seeks a 3 year non military discretionary spending freeze, one of the budgets many attempts to bring down the federal deficit. The plan calls for higher taxes on families who earn more than $250,000 a year, through the expiration of tax cuts implemented by former President George W. Bush in the year 2001 and 2003.
A levy fee on large banks means the government would regain $90 billion in losses stemming from the $700 billion rescue fund.. The budget would be highly debated and discussed in Congress where the Republican lawmakers will come out with their own ideas and what should have been included in the 2011 budget.
American economy has to have a drastic change in their policy. To target more employment thrust has to be given in the self employment sector restricting the amount to a smaller denomination like that of ours 25,000Rs. This will see rise of micro units like small grocery shops,restaurants, barber shops,small bakery etc to meet the demand of the local needs. Each will have a potential capacity to give employment to a small number with sustinence. Later depending on their capacity they will grow big. This is the only escape route to the current problem.
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