Proposes a big increase in military spending, including billions more to fight the war in Iraq
A $2.90 trillion spending plan has been sent to Congress as of today, Monday, February 5th. The Democratic-controlled congress is currently reviewing the proposal that includes a big increase in military spending, including billions more to fight the war in Iraq and asks for help in meeting the president's goal of eliminating the deficit in five years.
Also in the plan are measures to make the president's first-term tax cuts permanent, which would cost a whopping $1.6 Trillion over the next decade.
The release of this budget will surely bring about large debates between the two parties who have very different views on how money should be spent and how taxes should be handled.
Some Democrats are already weighing in.
"The president's budget is filled with debt and deception, disconnected from reality and continues to move America in the wrong direction,"
--> Senate Budget Committee Chairman Kent Conrad.
The president insists that his plan is a good one and will help keep the country safer from terrorist threats as well as grow the economy.
"My formula for a balanced budget reflects the priorities of our country at this moment in its history: protecting the homeland and fighting terrorism, keeping the economy strong with low taxes and keeping spending under control while making federal programs more effective," Bush said.
