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The Winners and Losers of Obama’s Budget

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  • Description

    FBN’s Gerri Willis on who will benefit and who will be hurt by Obama’s new budget plan.

  • Duration 3:13
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-- -- -- that some time to digest the president's nearly four trillion dollar spending plan.

I mean budget.

It's clear there are winners and losers.

And one of the biggest -- so called wealthy Americans that's folks making more than 250000.

Dollars a year.

Now the budget calls for two major tax increases on the well to do.

One elimination of the bush tax cuts on people within comes.

Above 250000.

Dollars the other would radically change the nation's tax code implementing -- so called Buffett rule.

That's taxing and comes above a million dollars at a 30% tax rate.

Also -- state taxes would return to 2009.

Levels that's a 3.5 million dollar exemption down from five million now.

And a 45% tax rate up from 35% now that's a big big change.

Not only are we taxing these people more aware taxing them more twice.

Also tax breaks would be eliminated for major companies oil and gas companies hedge fund managers owners of corporate jets a look the list goes on and on.

More losers include the Defense Department which will see a nearly 500 billion dollar cut.

The budgets of the Justice Department the Environmental Protection Agency will be slashed.

And the president continued his attack on NASA cutting their budget by a third of -- percent -- to be fair here.

There are some winners spending on roads and highway projects will skyrocket by more than a 175 billion dollars by 28 -- Two of the three departments Rick Perry was going to cut those we'll actually see budget increases by quite a bit mind you.

So that's a long and short -- but here's the thing these budget projections are based again on some pretty Fuzzy math.

For one the president is taking credit for upwards of 850 billion dollars in savings for ending the wars in Iraq and Afghanistan.

First of all he's been claiming these wars have been winding down since his first year in office in second these -- were never paid for it was all borrowed money.

The top Republican on the Budget Committee senator Jeff Sessions says this.

When you cease to spend the money on the war it's not as if there's an extra money coming into the pot to spend.

So that money he's directing -- transportation project it doesn't really exist.

Also the Obama administration's numbers are based on rosy predictions in coming years including 4% GDP growth and 2014.

I don't know who thinks that's gonna happen.

Last year the administration build its proposed budget on projection of two point 7% growth in 2011.

It turned out to be one point seven.

And while they're predicting the at least 3% growth this year many experts say could be closer to 2%.

Look most of all this entire budget entire budget front to back stupid that's it's a pipe dream.

A campaign platform.

Not an actual plan for spending in our economy why.

Biggest tax increases are non starter -- -- of working with congressional leadership to craft a consensus budget which is what he should do.

Obama -- -- the bully pulpit -- to wish list on the road.

But that's what it is all -- is no reality which is kind of been the theme of the entire presidency now hasn't it that's what I.

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