May 24, 2012
President Barack Obama is pressing for investments in infrastructure while relying on tax increases on the wealthy and corporations to claim progress on the federal deficit in his upcoming budget.
Obama's 2013 blueprint marks the start of an election-year budget battle over taxes and spending.
The plan is already getting chilly reviews from Republicans who say Obama isn't doing enough to tame the deficit and curb the growth of programs like Medicare.
Obama's budget includes stimulus-style initiatives, like increases for highways, school modernization, and a new tax credit for businesses that add jobs.
The budget also calls for a "Buffett Rule" -- named after billionaire Warren Buffett. It would guarantee that households making more than $1 million a year pay at least 30 percent of their income in taxes.
Copyright 2012 by The Associated Press. All Rights Reserved.
