Michael Small, thanks for getting this story out so quickly. It will now show up on the home page for four hours. If new developments justify it, I'll renew this flag for another cycle.
Obama's 2011 Budget: Tax Cuts and Job-creating Measures
President Obama revealed his 2011 $3.8 trillion dollar budget today, and the President is attempting to invest money in the nation's fragile economy while at the same time trying to reduce the national deficit.
"We simply cannot continue to spend as if deficits don't have consequences, as if waste doesn't matter," Obama said at a White House presentation. "It's time to save what we can, spend what we must and live within our means once again.
Obama's 2011 Budget
The 2011 budget proposes $53 billion dollars in tax cuts while putting $50 billion dollars towards job-creating measures. Obama's budget also proposes tax breaks for small businesses, in an attempt to stimulate job growth.
Not everyone approved of Obama's budget. Ranking Republican on the Senate Budget Committee Sen. Jud Gregg says Obama's plan is simply too costly.
"We've got some pretty big problems here. We need some pretty big solutions," Gregg told Fox News. "This is fiscal insanity -- to continue to grow the government the way we're growing it, to continue to spend the way we're spending. ... We're going to pass onto our kids a country that basically is insolvent."
While Obama has unveiled his 2011 budget, it will be months yet until it a final budget is approved by Congress.