Obama Unveils $4.1 Trillion Budget For Fiscal 2017

Date: February 10, 2016

Budget Expected To Face Extra Challenges During Election Year

On Tuesday President Obama unveiled his proposed budget for fiscal year 2017. The AP said Obama “unveiled a record $4.1 trillion, election-year budget that finances Democratic priorities like education, health care and climate change with new taxes on crude oil, the wealthy and big banks.” According to the story, the president’s “progressive wish list” highlights the “initiatives pushed by Democratic candidates” Hillary Clinton and Bernie Sanders. USA Today said the budget, posted in full by The Hill, “combines ambitious election-year proposals unlikely to be passed by a Republican Congress with more achievable proposals.” Obama, according to Reuters, told reporters, “The budget that we’re releasing today reflects my priorities and the priorities that I believe will help advance security and prosperity in America for many years to come.” The president added, “It drives down the deficit. It includes smart savings on healthcare, immigration, tax reform.” The Wall Street Journal reported that in his accompanying statement to Congress, Obama said his spending plan “is not about looking back at the road we have traveled,” but is about “answering the big questions that will define America and the world in the 21st century.”

What Happens Next

It is unlikely President Obama will get many of his budget goals implemented. Bloomberg Politics reported that with the GOP opposition standing in its way, “little” of the budget, “as the Obama administration acknowledges, will become law anytime soon.” However, the budget is expected to “influence this year’s campaign to succeed Obama” as Clinton and Sanders “may be challenged to embrace or separate themselves from Obama’s policies,” while Republican candidates “will seek to draw a contrast between” the President’s “vision for the country and their own.”

What This Means For Small Businesses

President Obama’s proposed FY 2017 is likely to be the start of more of the same in Washington, as Congress and the White House will do battle to score political points during the budgeting process. In the meantime, small businesses continue to wait for signs that the government will work for them.

Additional Reading

McClatchy, Politico, and the Wall Street Journal also covered the story.

Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.

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