President Barack Obama’s $3.8 trillion budget released on Wednesday reflects “a misguided presidential purpose,” said Robert Borosage, co-director of the liberal Campaign for America's Future.
“This country needs fundamental reform to make this economy work for working people,” Borosage said in a statement. “Over 20 million people in need of full-time work is not acceptable. Record numbers in poverty is not acceptable.
“Failing to provide the next generation with a high-quality education from pre-K to affordable college is a national calamity. Gilded Age inequality and the collapse of the broad middle class that made America exceptional cannot go unchallenged.”
President Obama’s plan for fiscal 2014 would limit tax deductions for top earners, increase the estate tax, raise taxes for many lower-income households — and even lift taxes on tobacco. It also would make modest cuts in Social Security by changing how the government calculates the annual cost-of-living adjustments.
Under the plan, such adjustments would be modified to track a process known as a “chained” Consumer Price Index.
Borosage said Obama’s proposal resulted from “a president more comfortable with splitting the difference rather than setting the direction. The president’s overriding priority is to cut a deal — and a deal that continues to impose austerity on an already faltering recovery.
“We need a transformational president who will rouse Americans to address the challenges we face, not a transactional mediator who offers preemptive concessions to get a deal that ignores those challenges,” he said.
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