Monday, February 13, 2012

Obama's election-year budget to target rich

WASHINGTON (REUTERS) - President Barack Obama will propose an election-year budget on Monday that raises taxes on millionaires and seeks billions of dollars for job-creating infrastructure projects, drawing a populist battle line with his Republican opponents.

Mr Obama's fiscal 2013 budget proposal to Congress will defer significant cuts in the deficit until the economy is securely back on track, a priority as he seeks re-election in November, while outlining measures to shrink that funding gap over time.

Mr Obama's budget is likely to be declared a non-starter by Republicans, in control of the United States (US) House of Representatives, who want to paint the president as a tax-and-spend liberal. They warn that tax hikes will kill jobs while doing nothing to halt the climb in the crushing level of national debt.

'We're taking responsibility for dealing with the drivers of our debt,' said Republican Paul Ryan, chairman of the House Budget Committee. 'Unfortunately, the president and his party's leaders - they're not a part of this conversation,' he told ABC News' This Week on Sunday.

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