Obama’s Final Budget Proposes $4.1 Trillion In Spending

A staff member delivers President Barack Obama's fiscal 2017 federal budget to the House Budget Committee Room on Capitol Hill in Washington, Tuesday, Feb. 9, 2016. President Barack Obama unveils his eighth and final budget, a $4 trillion-plus proposal that’s freighted with liberal policy initiatives and new and familiar tax …
AP/Andrew Harnik

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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