Wednesday, April 10, 2013 11:11 am
Obama: Budget shrinks deficits and expands economy
By JIM KUHNHENNAssociated Press
Obama spoke at the White House Wednesday as his administration issued his budget proposal. It would replace $1.2 trillion in automatic spending cuts scheduled to take effect over the next 10 years with $1.8 trillion in deficit-reduction measures. His plan calls for reductions in Social Security and Medicare spending and increases in taxes, mostly on the wealthy.
He says: "It replaces these cuts with smarter ones."
Obama also would increase cigarette taxes by 94 cents a pack to pay for expanded preschool programs. He also calls for $50 billion in public works spending.