The proposal aims for a compromise on the Fiscal 2014 budget by combining the president’s demand for higher taxes with GOP insistence on reductions in entitlement programs. But the plan was already encountering negative reviews from top Republicans for insisting on revenue and from liberals for its effect on the social safety net.
Obama would reduce the federal government deficit by $1.8 trillion over 10 years, according to a summary from the Obama administration provided Friday y. The president’s budget, the first of his second term, incorporates elements from his last offer to House Speaker John Boehner in December. Congressional Republicans rejected that proposal because of its demand for more than a $1 trillion in tax revenue.