President Barack Obama released his 2010 Budget early today. Obama's budget allows for a record breaking deficit of over $3.8 trillion dollars, with George W. Bush setting the former deficit record of $4.54 billion. Obama's plan focused on alleviating recession, creating new jobs, tax cuts for businesses, assistance for the unemployed, increases for homeland security, increases for Federal Education benefits for public schools, increases for the Pell Grant Tuition Program for college students, and a three year freeze on government spending.
President Obama cut $175 million from the Environmental Protection Agency clean water accounts that have been used as "pork barrel kitty funds" for Congress. Obama's plan is set to levy America's banks, to replenish only $90 billion of the $700 billion which cost the administration in bail outs. Obama also froze funds for domestic governmental agencies. Obama also hopes to push his health care reform promise, made from the campaign trail, into action, despite Republican opposition.
The difficulty involved with governmental spending, is best described by Judd Gregg, the top Republican on the Senate Budget committee. Gregg went on record to say: "This country is sinking into a fiscal quagmire. These circumstances call for a bold, game-changing budget that will turn things around."