Obama's First Budget: Insiders Weigh In

Natalie Erlich|Writer/Producer
Thursday, 26 Feb 2009 | 10:21 AM ET

As President Obama prepared to deliver his budget for fiscal year 2010 on Thursday morning, political insiders discussed the pros and cons.

D.C. Lawmakers on Obama's Budget
Weighing in on President Obama's first budget plan, with Ways and Means Committee members Rep. Dave Camp, (R-MI) and Rep. Allyson Schwartz, (D-PA).

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

Budget Battle Brewing
The budget plans is setting the stage for some heated debates, with Rep. Steny Hoyer, D-MD

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."

Breaking Down the Budget
Once the economy recovers the deficit - which should be a lot lower than $500B - will come down, says Sen. Judd Gregg, (R-NH) Budget Committee ranking member

- 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.

President Obama's New Budget
Excessive spending may prolong the recession, says Sen. Kay Bailey Hutchison, (R-TX) Senate Appropriations Committee

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

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