In his first three years, Obama had a free hand to suggest spending levels for government programs in his annual budget blueprint. But that is not the case this year because the administration is constrained by the budget deal reached in August to raise the debt limit.
He must stick to the $1.047 trillion spending cap he agreed to with GOP leaders, which means he will call for less discretionary spending than he did last year.
Senior administration officials fear a backlash from the left and are trying to prepare their allies to expect a disappointing budget, sources say.
Read it at The HillObama warns left: You won't like budget
By Alexander Bolton
(h/t Kevin Fathi via email)
"Focus on job-creation" with the US set to adopt "expansionary fiscal austerity" in face of depression-level unemployment?
Hello. The US is still in a balance sheet recession owing to a epochal financial crisis resulting from overextended private indebtedness. What do these folks not understand about debt-deflation? Watch out below, house of cards tumbling.