WASHINGTON, DC - President Barack Obama is sending Congress a $3.8 trillion budget proposal that hopes to achieve a 'grand bargain'' to tame runaway deficits.
The president's budget projects deficit reductions of $1.8 trillion over the next decade, achieved with higher taxes, reductions in payments to Medicare providers and trims in the cost-of-living adjustments paid to millions of recipients in Social Security and other government programs.
It would raise taxes on the wealthy and trim popular benefit programs including as Social Security and Medicare.
The budget would also nearly double the federal tax on cigarettes to $1.95 per pack. That money would fund a new pre-school program for 4-year-olds.
Oklahoma Congressman Frank Lucas isn't a fan of President Obama's budget. Lucas says, "Not only was it submitted two months late, but it also includes more tax hikes on hard working Americans and fails to create balance. This is the last thing American’s need at a time when unemployment rates remain high and we face a national debt over $16.7 trillion. Adding an extra layer of tax burdens on hard working Americans will not create economic prosperity. The president needs to realize our country has a spending problem, and only commonsense spending cuts will help solve our nation’s debt disaster."