KMC » 6am - Feb 15, 2011
Democracy Now! President Obama has unveiled a budget plan seeking to trim the federal deficit by cutting or eliminating some 200 federal programs, many dedicated to social services and education, while increasing military spending and funding for the construction of nuclear power plants. Announcing his $3.7 trillion proposal, Obama touted his previously stated pledge to freeze funding for domestic programs outside of the military for five years. Obama's plan includes two modest tax hikes for banks and oil companies. It also calls for ending the Bush-era tax cuts for the wealthiest Americans in 2013 and returning the estate tax to its higher 2009 levels. For analysis of Obama's proposed budget, Democracy Now! interviews John Nichols, Washington correspondent for The Nation magazine.