The White House released details of President Obama's fiscal 2015 budget and already the "partisan sniping" has begun, says The Daily Ticker's Aaron Task.
President Obama wants to increase domestic spending by $56 billion next year -- a "pimple in the government's budget" notes Task. The spending would be targeted at job training, manufacturing and early-childhood education. Republicans are accusing Obama of abandoning efforts to reduce the nation's long-term debt. The official budget proposal will be unveiled March 4.
Is the budget a sign that the president has stopped trying to negotiate with Republicans? Possibly, says Yahoo Finance's Jeff Macke, and that's expected of a second-term president who is concerned with his presidential legacy.
The budget proposal for fiscal 2015, which begins Oct. 1, also includes corporate tax reform. The White House wants to make it more difficult for U.S. multinational corporations to hold profits in offshore tax havens, a practice that has generated strong enmity from shareholders and taxpayers alike. Apple (AAPL) was heavily scrutinized when The New York Times reported last May that it saved billions of dollars in taxes by parking cash in foreign subsidiaries.
Does Obama's budget proposal have a chance of passing a divided Congress? Watch the video to see what Task and Macke say!
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