President George W. Bush sent his $2.9 trillion budget to Congress this morning, kicking off widespread debate in both the House and Senate. This is the first time during his presidency that Bush has delivered a budget to a Democrat-controlled Congress. Considering Democrats have made it clear that they have a different set of priorities, what kinds of challenges lie ahead?
According to CNBC's "Power Lunch," the Iraq War and the Alternative Minimum Tax will emerge as two key issues.
One of big differences, will be the way in which spending for the Iraq war is budgeted. In past years, spending has been done outside the budget in emergency spending appropriations bills.
“This time they’re trying to factor the Iraq war into the actual budget of the government of the United States. And it’s a big number, and it’s squishing out a lot of other numbers, and a lot of other spending priorities," explained BusinessWeek Washington correspondent, Eamon Javers. “That’s going to cause a lot of angst on Capitol Hill.”