On Monday, President Barack Obama released the 2012 fiscal year budget proposal. The budget is set at $3.7 trillion and focuses on reducing the budget deficit, which is projected at $1.6 trillion.
Here are some parts of the budget that have been talked about:
The 2012 proposal aims to reduce the deficit by $1.1 trillion over the next decade. One way the president plans to reduce the deficit is by raising taxes or eliminating tax breaks. This would largely impact businesses and the wealthy.
According to CNN Money, oil companies would have to pay more taxes on profits, which would lead to $46 billion in revenue. Companies that operate overseas would lose their tax breaks, too. This would raise $129 billion.
There will also be deep cuts into government programs. The budget plans to cut $100 billion from Pell grants by limiting the number of grants students receive each year to one; the cut could lead to saving $60 billion over 10 years.
How do you feel about Obama's budget proposal? Is there anything else that you believe is important to focus on?