Health and anti-poverty programmes face budget squeeze in US
The spiraling growth of Medicare and the high cost of renewing President George W Bush's tax cuts are squeezing popular education, health, housing and anti-poverty programmes in the budget blueprint that he hands lawmakers on Monday.
By Agencies |
WASHINGTON: The spiraling growth of Medicare and the high cost of renewing President George W Bush's tax cuts are squeezing popular education, health, housing and anti-poverty programmes in the budget blueprint that he hands lawmakers tomorrow.
A budget blueprint that backs USD 2 billion over three years to help get cleaner and more efficient energy technology to India and China will also be placed before the lawmakers by Bush.
Even with difficult-to-digest proposals to curb Medicare costs and kill programmes to repair dilapidated public housing, fund community action agencies and provide food to the elderly poor, Bush's USD 3 trillion budget will project deficits around USD 400 billion this year and next.
Bush's submission is already being attacked by Democrats castigating him for inheriting a government in surplus and leaving Washington with a budget deficit that is likely to break the USD413 billion record set four years ago, once war bills and the cost of giving the economy a fiscal jolt with tax rebate checks are factored in.
"The next president is going to inherit a colossal mess because of the fiscal irresponsibility of this president," Democratic Sen. Kent Conrad, chairman of the Budget Committee, said yesterday.
Bush's budget will demonstrate a way to produce balance in four years and still renew tax cuts on income, investments and people inheriting large estates -- cuts now scheduled to expire at the end of 2010. The cost of renewing those tax cuts exceeds USD300 billion by 2013, according to congressional scorekeepers.
A budget blueprint that backs USD 2 billion over three years to help get cleaner and more efficient energy technology to India and China will also be placed before the lawmakers by Bush.
Even with difficult-to-digest proposals to curb Medicare costs and kill programmes to repair dilapidated public housing, fund community action agencies and provide food to the elderly poor, Bush's USD 3 trillion budget will project deficits around USD 400 billion this year and next.
Bush's submission is already being attacked by Democrats castigating him for inheriting a government in surplus and leaving Washington with a budget deficit that is likely to break the USD413 billion record set four years ago, once war bills and the cost of giving the economy a fiscal jolt with tax rebate checks are factored in.
"The next president is going to inherit a colossal mess because of the fiscal irresponsibility of this president," Democratic Sen. Kent Conrad, chairman of the Budget Committee, said yesterday.
Bush's budget will demonstrate a way to produce balance in four years and still renew tax cuts on income, investments and people inheriting large estates -- cuts now scheduled to expire at the end of 2010. The cost of renewing those tax cuts exceeds USD300 billion by 2013, according to congressional scorekeepers.
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