Obama's First Budget: Insiders Weigh In
As President Obama prepared to deliver his budget for fiscal year 2010 on Thursday morning, political insiders discussed the pros and cons.
Bullish On Health Care Provisions
"We need to make sure that Americans have access to quality coverage and quality care... Our small businesses are crying out for this."
- Rep. Allyson Schwartz, D-Penn.
Bearish On Energy Taxes
"I don't think these numbers add up.. It's going to raise the cost of electricity by 68 percent.. $1.27 for a gallon of gas. Energy pervades everything we do.. and that ultimately will transfer over to employers."
- Rep. Dave Camp, D-Michigan
An Honest Budget?
“The Center for Federal Budget Priorities says this is a much more reasonable and honest budget in the sense that he includes the cost of the war which were not included previously."
- Rep. Steny Hoyer, D-MD
Concern Over Currency
“As you look at this budget it creates great concern for the value of our currency and the projected ability of us to sell debt in the future because there’s really no fiscal discipline here. There’s a lot of new taxes… Obviously most of the taxes will fall on higher income people, but there’s also what amounts to an energy tax that will go on their energy bill. And, most Americans will end up paying that tax.”
- Sen. Judd Gregg, R-N.H.
Spending To Prolong Recession?
“We are in sticker shock here. We have spent more in the 35 days than we have spent in the last seven years all together in the federal government. It’s just time for us to look at what we need to do going forward; and I think what we need to do is work with the banking institutions, keep the credit flowing, keep people in their homes, do mortgage workouts, and all of this spending is excess.”
- Sen. Kay Bailey Hutchison, R-Texas
More Budget News On CNBC.com:
- Budget: $250B For Financial Rescue
- Obama's Budget Blueprint
- What's In The Budget?
- Consumers File Taxes Early to Cash In