President Barack Obama defended his fiscal year 2016 budget proposal on Monday, saying it would be a "critical error" if his spending plans are not passed.
"America can't afford being short-sighted, and I'm not going to allow it," Obama said, adding that he challenged Republicans to propose better ideas for strengthening the country on a balanced budget.
The White House submitted the proposed $3.99 trillion budget earlier Monday, predicting a $474 billion deficit if passed.
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Despite this deficit, Obama said his budget is "fully paid for through a combination of smart spending cuts and tax reforms."
"We can afford to make these investments while remaining fiscally responsible," the president said. "In fact ... we would be making a critical error if we avoided making these investments, we can't afford not to."
He argued that smart spending now will keep government deficits lower in the future.
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The president's opposition, however, did not see the White House's proposal working out.
"Like the president's previous budgets, this plan never balances—ever. It contains no solutions to address the drivers of our debt, and no plan to fix our entire tax code to help foster growth and create jobs," House Speaker John Boehner said in a statement. "Worse yet, President Obama would impose new taxes and more spending without a responsible plan to honestly address the big challenges facing our country."