Changes

===2010 Budget===

===2010 Budget===

On Feb. 26 Obama proposed to Congress a $3.6 trillion budget containing a sharp shift toward expanded government activism, tax increases on high income families and businesses that are still profitable, with spending cuts targeted at businessmen he says profited from "an era of profound irresponsibility."<ref>[http://www.forbes.com/2009/02/27/obama-budget-small-business-personal-finance_obama_budget.html mixed evaluation from conservative economist]

On Feb. 26 Obama proposed to Congress a $3.6 trillion budget containing a sharp shift toward expanded government activism, tax increases on high income families and businesses that are still profitable, with spending cuts targeted at businessmen he says profited from "an era of profound irresponsibility."<ref>[http://www.forbes.com/2009/02/27/obama-budget-small-business-personal-finance_obama_budget.html mixed evaluation from conservative economist]</ref>

The Budget assumes federal deficit of $1.75 trillion for 2009, or 12.3% of GDP--the highest deficit in percentage terms since World War II. By 2013, the hypothetical deficit will drop to $533 billion but then will begin to climb again. The budget includes an additional $250 billion for more rescues of the financial markets by purchasing toxic assets on the banking sector's books.

The Budget assumes federal deficit of $1.75 trillion for 2009, or 12.3% of GDP--the highest deficit in percentage terms since World War II. By 2013, the hypothetical deficit will drop to $533 billion but then will begin to climb again. The budget includes an additional $250 billion for more rescues of the financial markets by purchasing toxic assets on the banking sector's books.

The budget reorders national priorities to provide national health care, shift the energy economy away from oil and gas, and raise the federal spending on schools. To fund it all, families earning more than $250,000 and a variety of businesses will pay steep new taxes. Observers expect a fierce political battle over the budget, with conservatives calling it "class warfare" and detrimental to long-term growth.<Ref> see [http://online.wsj.com/article/SB123564748462081261.html?mod=djemalertNEWS ''Wall Street Journal'' Feb. 26, 2009]</ref>

The budget reorders national priorities to provide national health care, shift the energy economy away from oil and gas, and raise the federal spending on schools. To fund it all, families earning more than $250,000 and a variety of businesses will pay steep new taxes. Observers expect a fierce political battle over the budget, with conservatives calling it "class warfare" and detrimental to long-term growth.<ref> see [http://online.wsj.com/article/SB123564748462081261.html?mod=djemalertNEWS ''Wall Street Journal'' Feb. 26, 2009]</ref>

Obama's carbon [[cap and trade]] system will raise consumer energy prices. It will cost companies $645 billion between 2012 and 2019, which will result in higher prices. All the taxes will be refunded to taxpayers, however. Rep. John Boehner said, "Let's just be honest and call it a carbon tax that will increase taxes on all Americans who drive a car, who have a job, who turn on a light switch, pure and simple."<ref>see [http://online.wsj.com/article/SB123566843777484625.html comment from conservative newspaper]</ref>

Obama's carbon [[cap and trade]] system will raise consumer energy prices. It will cost companies $645 billion between 2012 and 2019, which will result in higher prices. All the taxes will be refunded to taxpayers, however. Rep. John Boehner said, "Let's just be honest and call it a carbon tax that will increase taxes on all Americans who drive a car, who have a job, who turn on a light switch, pure and simple."<ref>see [http://online.wsj.com/article/SB123566843777484625.html comment from conservative newspaper]</ref>