Why Democrats and Republicans Hate Obama’s New Budget
President Obama delivered his 2012 budget proposal to Congress this week, citing it will reduce the deficit by $1.1 trillion over the next decade. Two-thirds would come from reducing spending and one-third from increased revenues by not extending 2001 and 2003 tax cuts for the wealthy. The White House argues that the president's blueprint offers "a common sense approach" that will continue to spur economic recovery and restore fiscal health. Lawmakers on both sides of the aisle are dissatisfied with the plan but for very different reasons.