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Barack Obama unveils $3.77 trillion budget plan

  • U.S. President Barack Obama unveiled a $3.77 trillion budget on Wednesday that proposes new taxes on the rich along with cuts to benefit programs.

    The White House has offered to lower pensions and healthcare costs but only in return for $700 billion in new revenue.

    According to political analysts, Obama’s plan is unlikely to be fully supported by the deadlocked Congress.

    The budget aims to cut U.S. deficit by an additional $1.8 trillion over ten years, bringing total potential reductions to $4.3 trillion.

    Cuts include $400 billion in government health spending and around $130 billion from Social Security.

    However, Republicans have refused to agree to new revenue after approving a rise in taxes on earnings over $400,000 in January.

    According to House of Representatives Budget Committee Chairman, Paul Ryan, Conservatives have made enough concessions.

    Ryan's budget proposal, which has already been passed in the Republican-controlled House, sets out reduce the deficit by $4.6 trillion. 

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