Obama Unveils FY2013 Budget Proposal

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President Barack Obama unveiled a $3.8 trillion election-year Federal budget that is loaded with tax increases, deficits and hundreds of billions of dollars in new stimulus spending, The Washington Times reported.

According to the newspaper, Obama said that his plan will "restore an economy where everybody gets a fair shot."

"The economy is growing stronger, the recovery is speeding up," Obama said in a speech at Northern Virginia Community College in Annandale, Va. "We can’t cut back on those things that are important for us to grow."

The Times reported that the President is drawing a number of battle lines for the fall campaign, as he called for short-term spending to create jobs based on proposals that the GOP lawmakers have already rejected.

The Hill reported that Obama's 2013 budget promises $3 billion in deficit cuts over 10 years, mostly through $1.5 trillion in new taxes and an additional $800 billion in savings counted from the end of the wars in Afghanistan and Iraq.

Republicans blasted the proposal following the speech by Obama.

"Because he can’t stand by his record, the president is forced to turn to the politics of envy and division. What is fair about proposing the largest tax increase in history on small-business job creators?" House GOP conference Chairman Jeb Hensarling (R-Texas) asked rhetorically. 

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