A budget with four trillion dollars of public spending, which funds new tax credits for millions of the poorest workers, a increase in the minimum wage and a reform of the military. Instead, it cancels some reliefs for better-off Americans.
This is the content of the financial proposal that President Barack Obama sends to Congress this morning for fiscal year 2015, which begins in October. A proposal that remains within the framework of the two-year budget agreement reached in recent months between Democrats and Republicans in Parliament. But that relaunches the political and social priorities of the White House, supporting the middle and lower classes, in a year of parliamentary elections. The administration, in particular, according to the Wall Street Journal, will underline the need to allocate an additional 56 billion dollars divided between the Pentagon and economic programs.
However, most of the programs had already been outlined. Among the major projects announced is the take-off of a $300 billion road and rail infrastructure plan over four years, partly financed by windfall revenues from a corporate tax reform. However, there is some news: in particular on the fiscal and economic front, the central proposal is the expansion of tax credits for 13,5 million less well-off and childless workers, at an expected cost of 60 billion in ten years. Aid will also be strengthened for families with children under the age of five.
