GOP Leaders Say Obama’s Budget Proposal Threatens Economy

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GOP leaders say Obama's budget proposal threatens economyPresident Barack Obama unveiled his $3.7 trillion budget for fiscal year 2012 earlier this week, and GOP leaders have called the proposal weak and inadequate in tackling the national deficit.

According to NPR, Obama's budget includes a five-year freeze on non-security discretionary spending that is projected to save approximately $400 billion over the next decade. The freeze applies to about 12 percent of the total Federal budget and does not impact entitlements like Medicare, Medicaid and Social Security.

The President has called for an indefinite extension of tax breaks for middle-class Americans and an end to tax cuts for wealthier individuals starting in 2014. In addition, Obama has requested that 12 tax breaks for oil and gas companies should be eliminated.

Most Republicans have slammed Obama's plan, claiming that it spends, taxes and borrows too much.

“By continuing the spending binge and imposing massive tax hikes on families and small businesses, it will fuel more economic uncertainty and make it harder to create new jobs,” Boehner said in a statement on Feb. 14.

Senate Minority Leader Mitch McConnell (R-Ky.) said that the budget's length, which he said was almost 1,000 pages, symbolizes the President's indulgence in a time when he should be limiting government overreach.

According to media reports, McConnell spoke out against Obama's proposal on the Senate floor on Feb. 14, saying that "this President clearly does not get it yet." 

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