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Obama’s Final Budget Proposes $4.1 Trillion In Spending

President Obama is out with his final budget to Congress today, which proposes to spend $4.1 trillion in the next fiscal year.

According to the Associated Press, Obama’s budget would increase taxes by $2.6 trillion in ten years, nearly double the $1.4 trillion in new taxes Obama tried to win in his previous budget proposal.

The 182-page budget is dead-on-arrival in Congress, but it is useful to see what Obama’s priorities will be in the coming year.

The plan would include an already widely-discussed $10-a-barrel fee on oil and would spend $300 billion over a decade for green vehicles and transportation initiatives

Here are some other highlights via Bloomberg:

  • $755 million for cancer research
  • $6 billion to help low-income teenagers get jobs
  • $4 billion for development of driverless cars
  • $4 billion for computer coding classes for children
  • $1.1 billion to curb the U.S. opiate-abuse epidemic
  • $36 billion in new taxes on corporations
  • $56 billion more taxes on wealthy individuals.

House Speaker Paul Ryan dismissed the budget soon after it was released:

“President Obama will leave office having never proposed a budget that balances—ever,” he said. “This isn’t even a budget so much as it is a progressive manual for growing the federal government at the expense of hardworking Americans.”

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