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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Obama to present first budget to Congress AFP - Friday, February 27 WASHINGTON (AFP) - - President Barack Obama will on Thursday ask Congress for 634 billion dollars to fund healthcare reform in his 2010 budget, which must reconcile a costly agenda with a vow to slash a gaping deficit. ADVERTISEMENT The document will formally set down a long list of campaign promises and will be the best evidence yet of Obama's argument that times of dark economic crisis can be a catalyst for sweeping political reform. The president is expected to ask Congress to finance education, energy and environmental reforms, setting up a new battle with opposition Republicans in Congress after fierce clashes over the recently approved stimulus plan, supported by only three Republican senators. Obama is also expected to fulfill a campaign pledge to raise taxes on Americans earning more than 250,000 dollars a year from 35 percent to just under 40 percent, yielding some 2 trillion dollars over ten years. Major savings are expected by winding down US military efforts in Iraq, which currently soaks up some 170 billion dollars a year. The president also reportedly plans to raise money through a mandatory cap on greenhouse emissions. According to the Washington Post, Obama's budget director Peter Orszag earlier estimated that a cap-and-trade scheme could generate 112 billion dollars by 2012, and up to 300 billion dollars a year by 2020. The budget will represent Obama's latest attempt to take on the multi-fronted economic meltdown, which he says will balloon the deficit in the short-term but insists must end debt-fueled government spending. While his Pentagon funding request for 2010 was not yet known, CNN reported that the president will seek more than 200 billion dollars to fund US war efforts over the next 18 months. The figure includes 75.5 billion dollars for 2009 to send more US troops to Afghanistan, the TV network reported, citing unnamed defense officials. The US military's budget for fiscal year 2009, including Iraq and Afghanistan, stands at about 650 billion dollars, the Pentagon said. An Obama administration official, speaking on condition of anonymity, said the massive healthcare fund would be financed by raising taxes on highest earning Americans and by savings made in existing healthcare programs. "So often, we've come to view these documents as simply numbers on a page or a laundry list of programs," Obama told lawmakers in his debut address to Congress on Tuesday. "I see this document differently, I see it as a vision for America -- as a blueprint for our future." The size of the figure was the latest indication of the new president's intent to push for healthcare reform, a polarizing political issue which has bedeviled Democratic presidents for decades. Another expensive priority is the president's intention to provide each US child with a "complete and competitive education," and to broaden access to expensive higher learning institutions. The budget, the 2009 version of which topped 3.5 trillion dollars, will also include the first in-depth details of Obama administration tax policy and defense and social spending. Despite an aggressive political agenda, Obama is also promising to trim unnecessary spending and seek efficiencies. "My budget does not attempt to solve every problem or address every issue. It reflects the stark reality of what we've inherited -- a trillion-dollar deficit, a financial crisis, and a costly recession," he said Tuesday. White House press secretary Robert Gibbs on Wednesday hinted that the budget would also include a request for more money to save the US finance industry . Congress has already approved a 700 billion dollar, two-stage rescue plan, which has so far done little to repair the foundations under the crippled sector, which is stuck with huge stocks of bad loans. The success or failure of White House number crunchers in keeping the budget lean will play a vital role in Obama's campaign to cut the deficit, currently forecast to hit 1.3 trillion dollars, in half by 2013. The president has promised to recruit more soldiers and marines, but warned in his Tuesday speech that he would end spending on Cold War weapons systems that do not work. The US government's fiscal year begins in October. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Obama's Presidency Obama to present first budget to CongressAFP - 50 minutes ago Obama seeks new 250 billion bank bailout: reportAFP - Friday, February 27 Obama sees war costs totaling $140 bln this yearReuters - Friday, February 27 Obama to seek $200 bln for war effort: reportAFP - Friday, February 27 Related Articles: World AP NewsAlertAP - 54 minutes ago Former Serb president cleared of Kosovo crimesAP - 54 minutes ago Colombia halts wiretapping at troubled agencyAP - 1 hour 5 minutes ago Feuding Palestinians meet for unity talksAFP - 1 hour 11 minutes ago CORRECTED: Serbia charges 19 Bosnian officials with war crimesReuters - 1 hour 13 minutes ago Related Full Coverage Obama's Presidency What change will Obama bring? Will it affect the rest of us globally? All Full Coverage Most Popular – World Viewed HIV mutates at high speed to avoid immune system: study Iraqi police shoot dead four US soldiers: ministry At least nine dead as Turkish plane crash-lands in Amsterdam US launches 'stress test' for major banks On the bright side: scientists test 'happy' gene View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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