Obama’s Big Budget
Earlier this month, President Obama released his budget for fiscal year 2015, which proposes new programs, withdraws some past proposals and reduces the deficit. We applaud the President, as the budget reflects the commandment in Proverbs 31:9 to, “speak up, judge righteously, champion the poor and the needy.”
Some of the highlights include:
- An expanded Earned Income Tax Credit (EITC), which would bring millions out of poverty, especially young, single adults. The proposal would expand the credit to 5.8 million new workers and increase the credit for an additional 7.7 million workers.
- A new $56 billion fund called the Opportunity, Growth, and Security Initiative. This fund will relieve the majority of the harmful sequester cuts left by the Murray-Ryan compromise, and create universal pre-kindergarten programs in two-thirds of states by 2015 and expand the Head Start program.
- The abandonment of potential changes to Social Security benefit calculations, which would have lowered benefits to all seniors.
If you want a short (and visual) summary, the Center for a Responsible Budget has nine graphs that explain the long term effects of the budget concisely.
If you want an even shorter overview, the Washington Post’s WonkBlog explains it in just two graphs.
Image Courtesy of the White House